By Leslie D. Venzon
MANILA, Aug. 7 (PNA) — The government will continue implementing business-friendly governance and policy reforms to attract and sustain investments, even as the country faces the transition to a new government next year.
While such challenge persists, Socioeconomic Planning Secretary Arsenio Balisacan is optimistic that the private sector will continue supporting governance and economic reforms and contribute significantly to the Philippine industry’s growth.
“The government recognizes the value of attracting and sustaining private investments, and nurturing prospects for the industry sector. We are thus pursuing reforms and programs to enhance the business environment in the country,” he said during the Laguna Technopark induction ceremony Friday.
Balisacan, also the National Economic and Development Authority (NEDA) Director General, listed some of these reforms, including the newly enacted Philippine Competition Law and the Amendment to the Cabotage Law that will level the business playing field.
“Importantly, we are also pushing for initiatives that are responsive to the challenges of the ASEAN integration that offers opportunities for growth and job generation,” he said.
Balisacan said the ASEAN integration, which is set to culminate in a few months, is also expected to boost the Philippine industry, particularly manufacturing.
This, as the country continues to attract foreign investors, especially given its increasing attractiveness as an investment destination in the region, he said.
“Without a doubt, this is a great time for the Philippine economy, particularly the industrial sector, including logistics. However, while opportunities abound and growth prospects in the sector are very encouraging, there remain a number of major challenges that we need to aggressively address in order to maximize the sector’s full potential,” he added.
Balisacan underscored the need for the country to continue pursuing market reforms to further sharpen the competitiveness of Philippine-based industries and reap the benefits of ASEAN economic integration. (PNA)