Speaker Martin Romualdez has reaffirmed the Philippines’ commitment to fostering a business-friendly environment through ongoing legislative and regulatory reforms in a meeting with top business executives at the 2025 World Economic Forum (WEF).

Addressing a breakfast interaction between the Philippine delegation and top business executives in Davos, Switzerland on Wednesday (Switzerland time), Romualdez highlighted the administration’s efforts to strengthen partnerships and attract foreign investment.

“I wish to emphasize that a key objective of our engagement is to seek the private sector’s counsel and listen to your concerns,” Romualdez said. “Our desire is to stimulate national development that will build durable partnerships and attract foreign investment, particularly through continued legislative and regulatory reform.”

Romualdez cited the recently enacted CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy) law as a cornerstone of the government’s reform agenda.

Signed in November by President Ferdinand R. Marcos Jr., the law offers enhanced tax incentives, streamlines investment processes, and targets strategic industries.

“The CREATE MORE law is a clear manifestation of a positive feedback loop, where the current administration has committed to significantly rationalize the investment framework and create a truly business-friendly investment climate,” Romualdez said.

Romualdez also underscored the Philippines’ robust economic trajectory, which included 5.5 percent gross domestic product (GDP) growth in 2023 and 5.8 percent growth in the first nine months of 2024—making it the second fastest-growing economy in ASEAN.

Romualdez said inflation eased to 3.2 percent in 2024, reflecting the government’s focus on macroeconomic stability.

He said the establishment of the Maharlika Investment Corporation, the country’s first sovereign wealth fund, is a “transformative step” in catalyzing development and attracting strategic investments in critical sectors such as energy security, digital infrastructure, and tourism.

“We are cognizant that we cannot do it alone, so for this reason, an important objective for the Fund’s future is to pursue co-investments with the private sector, including foreign investors,” Romualdez said.

He said sustainability remains a focus of the Philippines’ economic agenda, citing the 2022 policy allowing full foreign ownership of renewable energy projects.

Since then, 141 renewable energy initiatives valued at USD70 billion have been approved, with projects fast-tracked through green lane access.

As the Philippines prepares to assume the ASEAN Chairmanship in 2026, Romualdez expressed optimism about the country’s role in fostering economic cooperation.

“Manila was once the fulcrum of global commerce through the Manila-Acapulco Galleon trade, and in 2026, we hope to continue to be a ‘BRIDGE’ in Building Resilient, Inclusive, Digital, Green Economies for all our partners,” he said.

Romualdez assured stakeholders of the government’s dedication to engaging with multiple sectors to refine its economic policies.

“Rest assured, the government will continue its practice of multi-stakeholder engagement as we continue to adjust and refine our economic agenda,” he said. (PNA)