September 24, 2024 | 12:00am
MANILA, Philippines — The Department of Finance (DOF) is exploring investment opportunities with global financial services firm Macquarie Group especially for public-private partnerships (PPP) projects.
Finance Undersecretary Maria Luwalhati Dorotan-Tiuseco recently met with officials of Macquarie Group in Singapore to explore new investment opportunities for partnership.
In particular, Dorotan-Tiuseco pitched the potential of PPPs to further expand in the country following the passage of the PPP Code.
She also highlighted the upcoming reforms aimed at enhancing the country’s business climate including the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE).
Expected to be passed within the year, CREATE MORE targets to enhance both fiscal and non-fiscal incentives, resolve key investor concerns and respond to emerging global developments.
It will also streamline business compliance by reducing documentary requirements and exempt export-oriented enterprises from paying value-added tax.
Also included in the potential reforms are the rationalization of the mining fiscal regime and the fourth and last package of the Comprehensive Tax Reform Program.
Macquarie, for its part, is already involved in energy transition projects in the Philippines particularly in the energy sector through a floating solar project as part of its commitment to support the country’s carbon reduction goals.
Nonetheless, Macquarie expressed optimism in the Philippines’ energy landscape as the country allowed full foreign ownership of renewable energy projects.
“Investors are drawn to the country due to its strong demographic profile, young population, robust GDP (gross domestic product) growth and investor-friendly reforms,” the global firm said.
Dorotan-Tiuseco likewise shared updates on the Philippines’ ongoing efforts to update its Nationally Determined Contributions with energy and transport as top priority sectors.
She noted that the government is finalizing its project pipeline and financing strategy to advance the country’s climate goals.
Macquarie Group is a global financial services firm with over 20 years of operations in the Philippines. It has extensive experience in PPP advisory, equity research, asset management and global support functions.
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