Dominguez banners infra program, tax reform to entice US investment

Now is the ideal time to invest in the Philippines, Finance Secretary Carlos Dominguez III told American business leaders.

Dominguez heralded the “Build, Build, Build” program during a meeting with members of the US-ASEAN Business Council "who wanted to see "how American companies can support the Philippine government in carrying out its economic agenda," Department of Finance said in a statement on Tuesday.

Present at the meeting were US-ASEAN Business Council president and CEO Alexander Feldman, as well as the senior vice president and regional managing director of the council, Ambassador Michael Michalak.

Apart from the executive staff from the ASEAN-American business council, also present at the meeting were Director for ICT and Energy in Maritime Southeast Asia Kim Yaeger, Senior Manager for Energy in the  Philippines and Singapore Riley Smith, and ASEAN-Philippines representatives Elizabeth Magsaysay-Crebassa and Evelyn Mariano.

Representatives from US companies in Asia such as 3M, Citi, Coca-Cola, Emerson, Exxon Mobil, Fluor, Fod, IM System Group, Microsoft, Monsanto, PMFTC Inc., Uber, UPS, and Visa were also at the meeting.

“We are making the right investments, we are moving ahead,” the finance chief was quoted to have said in response to queries about the government’s economic priorities.

The Build, Build, Build program will be partially funded by the proceeds from the Comprehensive Tax Reform Program, Dominguez noted.

He reiterated Duterte's support for reforms in tax policy and administration, which President Rodrigo Duterte delved into during his second State of the Nation Address on July 24.

The tax reform bill or the Tax Reform for Acceleration and Inclusion Act, approved by the House of Representatives last May, is now pending before the Senate. — Margaret Claire Layug/VDS, GMA News