Recto promotes Philippines as investment hub at WEF

At the World Economic Forum (WEF) on January 22, 2025, Department of Finance Secretary Ralph Recto, acting as Special Envoy of President Ferdinand R. Marcos Jr., called on global investors to consider the Philippines as a prime destination for business operations. Recto’s appeal follows the recent enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, a landmark legislation aimed at enhancing the country’s investment climate.

Speaking at a Philippine Breakfast Interaction with investors, Recto emphasized the wide range of fiscal and non-fiscal incentives under the CREATE MORE Act, designed to encourage business expansion and job creation in the Philippines. “Here’s our promise: The moment you step in [the Philippines], we will let you experience a home that nurtures your long-term growth and success,” said Recto, assuring investors of the country’s commitment to fostering a conducive environment for businesses to thrive.

The breakfast event, organized by the Department of Finance (DOF) and the Philippine Mission to the World Trade Organization (WTO), attracted nearly 50 global business and government leaders. The session’s goal was to showcase the country’s potential as an investment hub in key industries such as technology and manufacturing.

Recto also highlighted the growth of the Philippine digital economy, which is currently the fastest-growing in Southeast Asia, according to a recent e-Conomy SEA report. He credited the country’s expanding digital infrastructure, including initiatives like the National Broadband Program and the Common Tower Program, as well as regulatory improvements such as the Internet Transactions Act, for this impressive progress.

Alongside Recto, other members of the Philippine delegation, including House Speaker Ferdinand Martin Romualdez and Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque, also took the opportunity to promote the Philippines’ young and growing workforce, as well as advancements in artificial intelligence (AI) and technology. Recto further noted that the country’s working-age population is expected to grow by 15 percent from 2025 to 2035, the fastest rate in the region, positioning the Philippines as an ideal partner for industries of the future.

Following the breakfast session, private meetings were held between Philippine officials and global business leaders, focused on exploring potential investment opportunities and partnerships in the tech and manufacturing sectors. With the Philippines striving to establish itself as a key player on the global economic stage, the discussions were seen as crucial to attracting sustained foreign investment.

The WEF Annual Meeting, a global platform for addressing critical economic and societal challenges, continues to serve as a stage for the Philippines to position itself as a preferred investment hub in the coming years.