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10 October 2017

WASHINGTON, D.C.— The policy thrusts and progress in the reform agenda of the Philippine Government will be the central theme of the forthcoming visit of Finance Secretary Carlos G. Dominguez and the Philippine Economic Team to the United States on 11-15 October 2017.

With growth rates of 7-10% possible in the next decade and an administration imbued with the political will to undertake necessary reforms, the Philippine economic story remains one of impressive macroeconomic performances, stable credit ratings, impressive competitiveness rankings, continuing structural transformation, and constant demand for world-class Filipino talent.

“This mission is a great opportunity for the economic team to highlight to US policy makers and the business community the incredible potential of the Philippine economy, which continues to be the fastest growing economy in the most dynamic sub-region in the fastest growing area in the world,” Foreign Affairs Secretary Alan Peter S. Cayetano said in a statement.

The Secretary also underscored that in trying to better understand the Philippines and in making investment decisions, there is no substitute to a face-to-face meeting with the Philippine economic managers. He expressed confidence that after the briefings of the economic team, there will be no doubt in the minds of US executives that the Philippines remains a safe and competitive destination for their business and investments.

“In my meetings with US executive and legislative officials in Washington DC last September, I emphasized the importance of PH-US economic ties as a defining characteristic of our long-standing friendship. The visit of Secretary Dominguez and the economic team is an important follow-up to our mutual efforts to advance the core economic interests of our two countries, and I look forward to joining the economic team in some of their meetings.” Secretary Cayetano added.

The mission will be kicked-off by a Philippine Economic Briefing in New York on 11 October, to be conducted by Secretary Dominguez, Budget Secretary Benjamin E. Diokno, NEDA Secretary Ernesto M. Pernia, and Bangko Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo.

The briefing will bring together influential leaders for an in-depth analysis of the Philippine economic and political situation and the opportunities it holds for investors, both in capital markets and in industry.   The discussions will also focus on the outlook for continued growth in the Philippines, the tax reform agenda, the ambitious #BuildBuildBuild infrastructure program, and US investor sentiment.

The economic team will then proceed to Washington DC for the Annual Meetings of the World Bank and the International Monetary Fund, which will bring together the world’s central bankers, ministers of finance and other key government officials in the US capital to discuss the world economic outlook, aid effectiveness and other relevant concerns.

On 13 October, Secretary Dominguez is also expected to speak before the Center for Strategic and International Studies (CSIS), a policy research institution specializing in, among others, US foreign policy, defense and security, economic integration and trade.

In a statement released by the Department of Finance, it was stated that in his CSIS remarks, the Secretary will provide American officials, diplomats and representatives of various sectors of the US economy “a better-rounded picture of where our country is and where we intend to go.” ###