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28/02/2017: US-ASEAN BUSINESS COUNCIL UPBEAT ON PHL ECONOMIC PROSPECTS

PRESS RELEASE
WDC-08-2017
28 February 2017

US-ASEAN Business Council (US-ABC) hosted a roundtable discussion for Philippine Trade and Industry Undersecretary Nora K. Terrado on 22 February 2017 in Washington, D.C.

WASHINGTON, D.C. – Philippines Department of Trade and Industry (DTI) Undersecretary for Industry Promotion Group Nora K. Terrado recently served as the keynote speaker at a roundtable discussion organized by the US-ASEAN Business Council (US-ABC) held on 22 February 2017 in Washington, D.C. Terrado presented and discussed the latest developments in the Philippine economy.

“For the first time in three years, the Philippines made it to the worldwide list of top 20 investment destinations of multinational enterprises,” Undersecretary Terrado said in her presentation, highlighting the country’s improving global competitiveness ranking.

Undersecretary Terrado also noted that with the country’s 6.8% GDP growth in 2016, the Philippines continues to be one of Asia’s fastest growing economies – exhibiting resilience amidst external shocks.

Terrado further discussed the current Administration’s 10-Point Socio-Economic Agenda, which aims to sustain improvements in the Philippine investment climate, support rural development, and further enhance the country’s infrastructure, human capital, and social protection programs.

“The whole government is tasked to continue to improve the ease of doing business in the Philippines,” Terrado emphasized.

As chair for ASEAN 2017 Summit, the Philippines is poised to highlight the region’s strengths by engaging the international business community, foreign governments, and investors through the ASEAN Business and Investment Program (ABIP).

Undersecretary Terrado, as Chairperson for the ASEAN Committee on Business and Investment Promotion, urged the US-ABC and its members to participate in the business activities to be held in the Philippines, focusing on themes such as regulatory coherence, micro, small, and medium enterprises (MSMEs), women and youth entrepreneurship, and innovation.

Mr. Marc Mealy, Vice President for Policy of the US-ABC expressed positive feedback after the dialogue with Undersecretary Terrado.

“With the Philippines serving as the current Chair of ASEAN and having one of the highest GDP growth rates in Asia, the representatives from the 13 American multinational companies who participated were keen to receive the Undersecretary’s update on current business trends in the Philippines and the economic priorities of the Duterte Administration,” said Mealy.

“The Council looks forward to conducting our 2017 Senior Executives business mission to the Philippines later this year,” Mealy added.

The US-ABC members that participated in the dialogue are Coca-Cola, Fluor, Citi, and Philip Morris, among others. ###