London, United Kingdom - With nearly 300 attendees from various industry sectors of the UK business community, the full house London-leg of the Philippine Economic Briefing showcased key agency heads of the Duterte administration in the presentation of the Philippines’ economic situation, prospects, and outlook on September 25, 2018 in London, United Kingdom.

Budget Secretary Benjamin Diokno, Finance Secretary Carlos Dominguez, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo, and Transportation Secretary Arthur Tugade headlined the event with individual keynote presentations on pertinent economic issues in the Philippines such as tax and other fiscal reforms and the ambitious Build Build Build infrastructure program.

Meanwhile, National Economic and Development Authority (NEDA) Secretary Ernesto Pernia, Public Works Secretary Mark Villar, and Bases Conversion and Development Authority (BCDA) President Vivencio Dizon joined the panel discussions on macroeconomic development and infrastructure. Also present in the economic briefing were Trade Secretary Ramon Lopez and Tourism Secretary Berna Romulo-Puyat.

DBM Secretary Diokno noted that the Philippines, as one of the fastest growing economies in the equally fast-growing ASEAN, will grow at a robust rate of 7% to 8% in the next five years.

“Our growth target is consistent with projections of multilateral institutions and global think tanks. With higher public investments, we are confident our growth target is achievable,” the Budget Chief remarked.

The agency heads also addressed questions from the British business community, especially those in relation to the ease of doing business in the Philippines. Transportation Secretary Tugade noted that the President, earlier this year, has signed into law the Ease of Doing Business Act. Finance Secretary Dominguez also mentioned that Package 2 of the Tax Reform, which will reduce corporate income tax rates, will greatly benefit the investment community.

“Government spending will remain sustainable, and supportive of economic growth and development,” DBM Secretary Diokno highlighted.

The United Kingdom is one of the Top 10 major sources of Foreign Direct Investment in the Philippines for the first half of 2018.

“With our sound, prudent and sustainable economic blueprint, we assure that the Philippines will continue to be a bright spot for UK investments,” the Budget Chief said.

(30)