‘Gov’t continuing reforms to make PH business-friendly’
(AP FILE PHOTO)
MANILA, Philippines — The Philippine government is committed to continuing and pursuing legislative and regulatory reforms to make the country business-friendly, House of Representatives Speaker Ferdinand Martin Romualdez told top executives at the 2025 World Economic Forum (WEF).
In a statement on Friday, Romualdez said he spoke with several business leaders in Davos, Switzerland, where the 2025 WEF is being held.
Romualdez said that Finance Secretary Ralph Recto also gave a presentation highlighting the “standout performance of the Philippine economy, marked by consistent and robust growth, along with ongoing initiatives to ensure such progress translates to more inclusive development.”
“I wish to emphasize that a key objective of our engagement is to seek the private sector’s counsel and listen to your concerns,” Romualdez said.
“Our desire is to stimulate national development that will build durable partnerships and attract foreign investment, particularly through continued legislative and regulatory reform,” he added.
Romualdez cited several Congressional initiatives like the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) law, signed by President Ferdinand R. Marcos, Jr. last November, as part of the administration’s reform agenda.
Under the Create More, existing regulations about corporate income taxes will be amended to address ambiguities in the tax incentives that the original law had granted to local and domestic corporations since its enactment in March 2021.
Romualdez and other lawmakers previously said there have been complaints from many investors on these alleged ambiguities.
“The CREATE MORE law is a clear manifestation of a positive feedback loop, where the current administration has committed to significantly rationalize the investment framework and create a truly business-friendly investment climate,” he said.
Likewise, Romualdez touted the Philippines’ robust economic trajectory, the bid to moderate inflation, and the establishment of the Maharlika Investment Corporation — the country’s first sovereign wealth fund which is aimed at catalyzing development and securing strategic investments in different critical sectors.
“We are cognizant that we cannot go it alone, so for this reason, an important objective for the Fund’s future is to pursue co-investments with the private sector, including foreign investors,” Romualdez said.
“Manila was once the fulcrum of global commerce through the Manila-Acapulco Galleon trade, and in 2026, we hope to continue to be a ‘BRIDGE’ in Building Resilient, Inclusive, Digital, Green Economies for all our partners,” he said.
“Rest assured, the government will continue its practice of multi-stakeholder engagement as we continue to adjust and refine our economic agenda.”
Last Tuesday, Romualdez said that the WEF is an opportunity for the Philippines to foster stronger collaborations with other nations.
