eseoulpost
BusinessPhilippines
Dominguez cites SoKor's role in PH economic emergence
min  |  min
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
승인 2018.06.07  
트위터 페이스북 미투데이 요즘 네이버 구글 msn

Finance Secretary Carlos Dominguez III has underscored the major role that South Korea is playing in the “economic emergence” of the Philippines, which is now moving to an even higher growth plane as the Duterte administration fast-tracks its ambitious $170-billion “Build, Build, Build” program.

   
 

Speaking before leaders of South Korea’s business sector, Dominguez said prudent fiscal management, a manageable debt service load and more robust revenues are expected to improve the Philippines’ sovereign credit ratings and further enhance its capability to finance over the medium term its economic strategy anchored on an aggressive infrastructure program.

Dominguez said South Korea’s role in the Philippines’ rapid growth is best demonstrated by its funding support for two key “Build, Build, Build” projects—the Panguil Bay Bridge in northern Mindanao and a new International Container Port in Cebu, which are both scheduled to begin this year and due for completion by 2020.

   
 

South Korea is also the Philippines’ sixth largest source of official development assistance (ODA), with loans and grants amounting to $570.6 million as of December 2017; a top source of tourists for the past three years; and the country’s fifth major trading partner, Dominguez said.

In 2017, 1.6 million Koreans visited the Philippines, representing a quarter of total foreign tourist arrivals and an increase of 9 percent over the previous year. Total bilateral trade with South Korea in 2017 amounted to $10.61 billion.

   
 

“We have long admired South Korea’s sterling achievement in economic development. We know that there are many complementarities between our two economies. We are confident our trade and investment relationship can grow more robust in the coming period,” Dominguez said during the Korea Business Forum held at the Lotte Hotel here.

Dominguez said the Duterte administration’s economic strategy of investing heavily in infrastructure and implementing tax reform to support this aggressive spending program while making the tax system simpler, fairer and more efficient for both individuals and businesses was similar to what Korea had done in a period of over three decades to sustain its high growth trajectory.

“I am sure you in Korea are very familiar with this type of economic growth because this was what you did in the 70's and 80's --- you invested a lot of money in your own infrastructure, and that's why you are where you are today,” Dominguez said.

   
 

As for tax reform, “all of these were done by South Korea, again, in the 70s, 80s and 90s,” Dominguez said.

To expand trade and investment relations with South Korea and other countries, Dominguez said the Philippines is committed to improving the ease of doing business, respect the sanctity of contracts, and promote a more conducive climate for investments.

Dominguez said the tight spreads of the Philippines’ bond issuances indicate confidence in the sound fiscal and debt management of the Duterte administration as he recalled that when the government issued 10-year dollar denominated bonds in January, its spread was 37.8 basis points (bps) over the US Treasuries, while its maiden “Panda” bond float last March had an even tighter spread of only 35 bps over the benchmark.

The tight spread of 37.8 bps of the dollar-denominated bonds was better than the 67 bps spread in 2017 and the 103 bps in the last year of the Aquino administration, Dominguez noted.

“We are also planning to issue ‘Samurai’ bonds this year,” Dominguez said. “We are now in the process of evaluating the right bond structure and studying the execution procedure and documentary requirements needed for the issuance.”

Further underlining the strong investor confidence in the Philippine economy was the impressive net inflow of $1.5 billion in foreign direct investments (FDIs) in the first two months of 2018, which surpassed the figure recorded for the same period last year by 52.6 percent.

Dominguez said the higher volume of FDIs supports the Duterte administration’s efforts to shift the economy to investments-led growth so as to provide meaningful employment to its young, skilled workforce, which would emerge as “our economy’s comparative advantage into the long future.”

The government is also revisiting its Foreign Investments Negative List (FINL) to open more areas for joint ventures and direct investments, reviewing its procedures to reduce red tape and shorten approval time for business start-ups, and exploring possibilities for expanded e-governance using digital technologies, Dominguez said.

Dominguez also informed Korean investors that just a couple of weeks ago, President Duterte signed the Ease of Doing Business Law, which creates a unified business application form and a central business portal to make it easier to open or renew businesses, and mandates a zero-contact policy to reduce official corruption.

President Duterte has also made the country a safer place for investors, with high campaign against corruption and criminality leading to a decrease in crime volume by 21.86 percent since the start of his administration, Dominguez said.

“The President believes a more law-abiding society is indispensable to achieving economic growth,” he added.

< 저작권자 © eseoulpost 무단전재 및 재배포금지 >
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
트위터 페이스북 미투데이 요즘 네이버 구글 msn 뒤로가기 위로가기
이 기사에 대한 댓글 이야기 (0)
자동등록방지용 코드를 입력하세요!   
확인
- 200자까지 쓰실 수 있습니다. (현재 0 byte / 최대 400byte)
- 욕설등 인신공격성 글은 삭제 합니다. [운영원칙]
이 기사에 대한 댓글 이야기 (0)
Most Read
1
UAE establishing new sustainability model, investing in advanced sciences and national talent: Ministers
2
First Well Woman Conference 2019 opens in Abu Dhabi
3
Dubai to host 'Microsoft Ignite' conference on 27th March
4
Noura Al Kaabi visits new headquarters of Arabian Radio Network
5
Masdar to bring solar power to 'off-grid' communities around the world
6
III to bar China-made devices from accessing its internal network
7
Sheikha Fatima Field Hospital opens in Karachi
8
Top N. Korean official en route to Washington
9
MOFA thanks British-Taiwanese All-Party Parliamentary Group for support
10
ADGM launches Sustainable Finance Agenda to develop vibrant sustainable finance and investments hub
Photo News Green Biz
Plastic wastes from Korea legal: MisOr ecozone exec
Plastic wastes from Korea legal: M...
min
Spotlight on UAE's environmental efforts at Urban Sustainability Week
Spotlight on UAE's environmental e...
min
DEWA invites customers to take up Shams Dubai to generate onsite solar power
DEWA invites customers to take up ...
min
World Green Economy Summit to kick off in October
World Green Economy Summit to kick...
min
Abu Dhabi hosts The First Regional Biodiversity Forum in the Gulf Region
Abu Dhabi hosts The First Regional...
min
Photo News Sports
Koreas agree to formally inform IOC of intent to co-host 2032 Olympics
Koreas agree to formally inform IO...
min
Etisalat sponsors UAE Paralympics at Asian Para Games
Etisalat sponsors UAE Paralympics ...
min
Taichung to host first Asia-Pacific Youth Games in 2019: mayor
Taichung to host first Asia-Pacifi...
min
Asiad PHL gold winners come home
Asiad PHL gold winners come home
min
More history for Koreas in canoe; sport climber, hurdler grab gold medals
More history for Koreas in canoe; ...
min
Shooter wins Taiwan's 2nd gold at Asian Games (update)
Shooter wins Taiwan's 2nd gold at ...
min
Two taekwondo golds among 11 medals for S. Korea on Day 1
Two taekwondo golds among 11 medal...
min
Taiwan team wins first gold medal at Asian Games
Taiwan team wins first gold medal ...
min
Photo News World
Koreas agree to formally inform IOC of intent to co-host 2032 Olympics
Koreas agree to formally inform IO...
min
Etisalat sponsors UAE Paralympics at Asian Para Games
Etisalat sponsors UAE Paralympics ...
min
Taichung to host first Asia-Pacific Youth Games in 2019: mayor
Taichung to host first Asia-Pacifi...
min
Asiad PHL gold winners come home
Asiad PHL gold winners come home
min
More history for Koreas in canoe; sport climber, hurdler grab gold medals
More history for Koreas in canoe; ...
min
Shooter wins Taiwan's 2nd gold at Asian Games (update)
Shooter wins Taiwan's 2nd gold at ...
min
Two taekwondo golds among 11 medals for S. Korea on Day 1
Two taekwondo golds among 11 medal...
min
Taiwan team wins first gold medal at Asian Games
Taiwan team wins first gold medal ...
min
Photo News Opinion
3 dead, 2 missing after fishing boat capsizes off southern coast
3 dead, 2 missing after fishing bo...
min
Ex-Supreme Court chief to be grilled in power abuse probe
Ex-Supreme Court chief to be grill...
min
Samsung's Q4 operating profit tumbles 28.7 pct on tepid memory demand
Samsung's Q4 operating profit tumb...
min
Samsung's Q4 operating profit tumbles 28.7 pct on tepid memory demand
Samsung's Q4 operating profit tumb...
min
Court orders ex-President Chun to appear in libel case
Court orders ex-President Chun to ...
min
Central bank to continue accommodative monetary policy in 2019: BOK chief
Central bank to continue accommoda...
min
S. Korean economy to grow in mid-2 pct range in 2019: poll
S. Korean economy to grow in mid-2...
min
S. Korea's exports surpass US$600 bln for first time in 2018
S. Korea's exports surpass US$600 ...
min
Newspaper AboutNews ReportAdvertiseComplaintsPrivacy PolicyJuvenile protectionRejection of E-mail Collection
Gangnam-gu, Teheran 52 street in Tehran Bldg, 616(Yeoksam-dong)  |  Main Phone: 02) 563-0604  |  Fax: 02) 538-5665
Chairman : jeong-woo Lee  |  Advisor : byung-il Min  |  Publisher: jae-mo Kah  |  Editors: il-hong Kim
Registration Number 1928 Seoul ah  |  eseoulpost.com / eseoulpost.net / Global Korea.,Ltd
Copyright © 2011 eseoulpost. All rights reserved. mail to jaemokah@daum.com , kih10kr@empas.com/ www.globalkorea.info
arabafrica.net / UAE Interract / Emirtes News Agency(WAM)/ http://wam.org.ae / www.uaeinteract.com