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Sunday, Jun 01, 2025
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Philippine Economic Dialogue in Milan Attracts Significant European Interest
The first Philippine Economic Dialogue showcases reforms and investment opportunities amid strong turnout from European business leaders.
The Philippine delegation recently participated in the inaugural Philippine Economic Dialogue (PED) held in Milan, Italy, coinciding with the 58th Asian Development Bank (ADB) Annual Meeting on May 6, 2025. The event garnered an impressive turnout of approximately 100 business leaders, bankers, and investors from across Europe, far exceeding initial expectations and indicating robust global interest in the Philippines.
The PED served as a platform for the Philippine government to highlight its recent reforms aimed at attracting foreign investment.
One of the key legislative measures showcased was the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, which modernizes the country’s fiscal incentive system to streamline tax administration and support strategic industries.
Finance Secretary Ralph G. Recto was represented by Undersecretary and Chief Economist Domini S.D. Velasquez, who reaffirmed the government's commitment to fiscal consolidation and strong revenue collection efforts.
Raffaele Cattaneo, Undersecretary for International and European Relations of Italy's Lombardy Region, emphasized the importance of the Philippines as a leading economic participant in Asia, noting its favorable demographics, including a large and youthful population.
In his keynote address, Department of Economy, Planning, and Development Secretary Arsenio M. Balisacan presented the Philippines as an emerging economic leader in the region.
He underscored the nation's tech-savvy workforce, rapidly growing digital economy, and ongoing efforts to enhance infrastructure development, featuring 207 flagship infrastructure projects valued at PHP 10.1 trillion (approximately USD 177.7 billion).
Balisacan also pointed to a number of pro-business initiatives, including the Public-Private Partnership (PPP) Code and the Philippines-Korea Free Trade Agreement.
He stated that the CREATE MORE Act would align the fiscal incentive system with national priorities to bolster economic growth.
During a dedicated panel discussion, Department of Budget and Management Secretary Amenah F. Pangandaman addressed priority spending initiatives outlined in the Medium-Term Fiscal Framework (MTFF) and provided insights into the New Government Procurement Act (NGPA), touted as a significant reform to modernize public procurement practices through digitalization to enhance transparency and efficiency.
ADB Director General for Southeast Asia, Winfried Wicklein, noted the Philippine government's sustained efforts to reduce regulatory burdens, highlighting it as an opportune time for investment.
He remarked, "There has never been a more exciting time to invest in the Philippines."
Additionally, the event featured discussions on opportunities in agriculture, with Department of Agriculture Undersecretary Asis G. Perez inviting Italian firms to invest in the sector, particularly focusing on mechanization and digitalization.
Bangko Sentral ng Pilipinas Assistant Governor Zeno Ronald R. Abenoja was also part of the panel, alongside Asian Development Bank Deputy Director General for Southeast Asia, Pavit Ramachandran.
Commercial Counsellor and Director of the Philippine Trade and Investment Center – Paris, Katrina Banzon, highlighted government efforts to facilitate investment in renewable energy and manufacturing sectors.
She outlined priority areas, including aerospace, automotive manufacturing, high-value services, electronics manufacturing, and critical minerals processing.
Philippine Ambassador to Italy Nathaniel G. Imperial welcomed the participants, asserting the readiness of the Philippines for business engagements with Italy and Europe.
He referenced the strong people-to-people connections, noting that Italy hosts the highest number of Filipinos in Europe.
The PED was co-organized by the Department of Finance and Bangko Sentral ng Pilipinas, alongside various Philippine institutions and the Italian Chamber of Commerce.
The delegation also held bilateral meetings with officials from various governments and institutions.
Notably, the Philippine delegation conducted a Financial Literacy Seminar for the Overseas Filipino community in Milan on May 4, 2025, further engaging with the local Filipino diaspora.
The PED served as a platform for the Philippine government to highlight its recent reforms aimed at attracting foreign investment.
One of the key legislative measures showcased was the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, which modernizes the country’s fiscal incentive system to streamline tax administration and support strategic industries.
Finance Secretary Ralph G. Recto was represented by Undersecretary and Chief Economist Domini S.D. Velasquez, who reaffirmed the government's commitment to fiscal consolidation and strong revenue collection efforts.
Raffaele Cattaneo, Undersecretary for International and European Relations of Italy's Lombardy Region, emphasized the importance of the Philippines as a leading economic participant in Asia, noting its favorable demographics, including a large and youthful population.
In his keynote address, Department of Economy, Planning, and Development Secretary Arsenio M. Balisacan presented the Philippines as an emerging economic leader in the region.
He underscored the nation's tech-savvy workforce, rapidly growing digital economy, and ongoing efforts to enhance infrastructure development, featuring 207 flagship infrastructure projects valued at PHP 10.1 trillion (approximately USD 177.7 billion).
Balisacan also pointed to a number of pro-business initiatives, including the Public-Private Partnership (PPP) Code and the Philippines-Korea Free Trade Agreement.
He stated that the CREATE MORE Act would align the fiscal incentive system with national priorities to bolster economic growth.
During a dedicated panel discussion, Department of Budget and Management Secretary Amenah F. Pangandaman addressed priority spending initiatives outlined in the Medium-Term Fiscal Framework (MTFF) and provided insights into the New Government Procurement Act (NGPA), touted as a significant reform to modernize public procurement practices through digitalization to enhance transparency and efficiency.
ADB Director General for Southeast Asia, Winfried Wicklein, noted the Philippine government's sustained efforts to reduce regulatory burdens, highlighting it as an opportune time for investment.
He remarked, "There has never been a more exciting time to invest in the Philippines."
Additionally, the event featured discussions on opportunities in agriculture, with Department of Agriculture Undersecretary Asis G. Perez inviting Italian firms to invest in the sector, particularly focusing on mechanization and digitalization.
Bangko Sentral ng Pilipinas Assistant Governor Zeno Ronald R. Abenoja was also part of the panel, alongside Asian Development Bank Deputy Director General for Southeast Asia, Pavit Ramachandran.
Commercial Counsellor and Director of the Philippine Trade and Investment Center – Paris, Katrina Banzon, highlighted government efforts to facilitate investment in renewable energy and manufacturing sectors.
She outlined priority areas, including aerospace, automotive manufacturing, high-value services, electronics manufacturing, and critical minerals processing.
Philippine Ambassador to Italy Nathaniel G. Imperial welcomed the participants, asserting the readiness of the Philippines for business engagements with Italy and Europe.
He referenced the strong people-to-people connections, noting that Italy hosts the highest number of Filipinos in Europe.
The PED was co-organized by the Department of Finance and Bangko Sentral ng Pilipinas, alongside various Philippine institutions and the Italian Chamber of Commerce.
The delegation also held bilateral meetings with officials from various governments and institutions.
Notably, the Philippine delegation conducted a Financial Literacy Seminar for the Overseas Filipino community in Milan on May 4, 2025, further engaging with the local Filipino diaspora.
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