Diokno tries to entice Italian companies to set up shop in the Philippines

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Diokno tries to entice Italian companies to set up shop in the Philippines, The Philippines is on the road to recovery and rapid economic growth, and Finance Secretary Benjamin Diokno has urged Italian investors to take advantage of this opportunity.

On Thursday, at the Italy-Philippines Business Forum, Diokno gave a keynote address in which he characterized the country’s economic future as “bright and promising.”

“There is no better time than now to expand our partnership for mutually beneficial investments,” he said at a forum organized by the Italian Chamber of Commerce in the Philippines.

He credited the contributions of agriculture, industry, and services to the Philippine economy’s 7.4 percent growth in the second quarter of this year.

The 7.8 percent growth seen through June puts us well ahead of our 6.5 to 7.5 percent growth goal for the year, according to Diokno.

Foreign direct investment (FDI) inflows reached a record high of $10.5 billion, he said, signaling an increase in investor confidence.

According to Diokno, FDI inflows have already reached $4.2 billion through the first five months of the year, which is 19 percent higher than the level from the previous year.

When asked about the origins of FDIs, Diokno mentioned Italy. Italy has attracted $9.4 million in foreign direct investment (FDI) since 2017.

Diokno also noted the positive impact of remittances from Filipinos working abroad in Italy over the past six years. He also noted that the sum of all cash transfers from Italy amounted to $1.4 billion.

The Finance secretary said the rising revenues were evidence of the positive effects of robust economic activity on the labor market.

According to Diokno, “in June, compared to the previous month, the labor force participation rate and the average weekly hours worked were higher, underemployment was also down, and youth employment was up.”

For the first seven months of 2022, he reported a total revenue collection of P2.04 trillion, an increase of 17% from the corresponding period in 2021.

Moreover, according to Diokno, the Philippines anticipates higher tax revenues than those seen before the pandemic.

The full reopening of the economy and the implementation of game-changing structural reforms have facilitated these successes, as stated by Diokno.

Diokno assured the public that the government has the resources to maintain these gains while protecting the economy from persistent threats.

Meanwhile, Diokno stated that the country’s $98.8 billion in gross international reserves as of the end of July is more than enough to pay for imports and services for three months.

The Finance secretary said the rising revenues were evidence of the positive effects of robust economic activity on the labor market.

According to Diokno, “in June, compared to the previous month, the labor force participation rate and the average weekly hours worked were higher, underemployment was also down, and youth employment was up.”

For the first seven months of 2022, he reported a total revenue collection of P2.04 trillion, an increase of 17% from the corresponding period in 2021.

Moreover, according to Diokno, the Philippines anticipates higher tax revenues than those seen before the pandemic.

The full reopening of the economy and the enactment of game-changing structural reforms have helped make these successes possible, as Diokno put it.

In spite of the ongoing risk to the economy, Diokno is confident that the government can maintain these gains.