THE Philippines-New Zealand Business Matching Session on April 18, 2024, at Raffles Makati, organized by the Office of the Special Assistant to the President for Investment and Economic Affairs (Osapiea) and Department of Trade and Industry-Board of Investments (DTI-BOI) supported by the Private Sector Advisory Council (PSAC), strengthened economic relations between the Philippines and New Zealand.
Attended by Prime Minister Christopher Luxon, the event emphasized cultural and educational ties, including scholarships for over 120,000 Filipinos, while showcasing the Philippines as a growing investment hub poised for deeper economic collaboration.
Trade Secretary Alfredo Pascual expressed gratitude and optimism during the session.
“We warmly welcome Prime Minister Luxon and his delegation to the Philippines and extend our deepest gratitude to PSAC for your ongoing support in fostering strong public-private partnerships. This event is a cornerstone in our mission to enhance bilateral trade and investment with New Zealand. We invite our friends from New Zealand to seize the multitude of investment opportunities in sectors such as agribusiness, IT-BPM, renewable energy, and manufacturing. Together, let's harness the boundless possibilities our partnership holds and make significant strides towards a shared and prosperous future,” he said.
Under President Ferdinand Marcos Jr.'s administration, both the government and private sectors have effectively cultivated an environment conducive to growth, which was evident during the business matching session.
Filipino and New Zealand businesses explored opportunities for collaboration, particularly in key sectors such as dairy, meat, wood, and technology.
Sabin Aboitiz, PSAC strategic lead convenor and president and CEO of the Aboitiz Group, highlighted the significant strides made in creating a favorable investment climate. "The unprecedented collaboration between the private and public sectors under President Marcos Jr.’s leadership has set the stage for both to thrive. Our efforts in improving the business climate through initiatives like the Green Lanes for strategic investments and tax law reforms have been pivotal."
The recent enactment of the Retail Trade Liberalization Act and the Public Services Act has also opened new doors for foreign investors, ushering in a new era for investors in the electronics, semiconductors, and renewable energy sectors.
“This visit marks an important milestone in the longstanding relationship between our two countries – one that is characterized by strong people-to-people exchanges, and a mutual commitment to cooperation across sectors. Today, we explore new opportunities to further strengthen and expand our bilateral ties through increased economic partnerships. And for us, there is no better time than now for New Zealand to be part of the Philippines’ promising growth story and steady ascent to the global stage,” said Secretary Frederick D. Go.
“Against great odds, the Philippine economy shines the brightest in the fastest-growing region in the world. In 2023, our GDP expanded by 5.6 percent to record the highest growth in all of Asean. For 2024, the Economic Team projects GDP to grow even faster at 6.0 to 7.0 percent. This optimism is affirmed by multilateral organizations that expect the Philippines to remain a frontrunner among Asean countries despite external headwinds,” Go said.
PSAC and Osapiea remain committed to supporting and partnering with the broader government to foster an ecosystem conducive to substantial economic growth and development, ensuring that the Philippines not only meets but surpasses its economic aspirations. (PR)