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DOF strengthens ties with Italian business community

The Finance department also assured investors that the government has the necessary tools to respond to current global headwinds.

FINANCE Secretary Benjamin Diokno led the government in strengthening ties with the Italian business community as he encouraged industry leaders to seize new investment opportunities in the country.

“I invite all business leaders, entrepreneurs, and investors here today to seize these new opportunities for growth and expansion here in the Philippines. We look forward to strengthening ties as well as forging new ones with our partners in the Italian business community,” said Secretary Diokno during the 2022 Italian Chamber of Commerce of the Philippines (ICCPI) Leadership Awards held at the Dusit Thani Manila on November 18, 2022.

Diokno referenced the country’s strong gross domestic product (GDP) growth of 7.7 percent in the first three quarters of 2022. This was mainly driven by strong domestic demand and improvement in labor market conditions.

“[W]e are near certain that we will achieve our target growth of 6.5 to 7.5 percent for this year,” said Diokno.

He also assured investors that the government has the necessary tools to respond to current global headwinds.

The Marcos administration is working to steer the economy to a high-growth trajectory through a comprehensive eight-point socioeconomic agenda. This aims to bring about higher investments in smart infrastructure, human capital development, and digitalization, and will be guided by the Medium-Term Fiscal Framework (MTFF) to reduce fiscal deficit, promote fiscal sustainability, and enable robust economic growth.

The government has also established a business-friendly environment for both domestic and foreign investors through economic liberalization measures that widen the space for international firms to invest in previously protected sectors and form joint ventures with Filipino companies.

“Enterprises employing advanced technologies will greatly benefit from these new laws. These game-changing reforms demonstrate our strong determination to be a prime investment destination in Asia,” said Secretary Diokno.

The 2022 ICCPI Leadership Awards recognized exceptional Filipino and Italian business leaders, entrepreneurs, and organizations who exhibited outstanding practices and global excellence in their respective fields. The awards celebrated excellence in leadership and encouraged the next generation of entrepreneurs.

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