The Philippine delegation was met with stronger-than-expected business interest from European investors at the first-ever Philippine Economic Dialogue (PED) in Milan, Italy held on the sidelines of the 58th Asian Development Bank (ADB) Annual Meeting on May 6, 2025.

The PED served as a platform for the government to showcase its latest reforms and encourage investors to enter the Philippine market, especially with the enactment of the landmark Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

The event attracted a standing-room crowd of around 100 business leaders, bankers, and investors from across Europe, along with delegates from the ADB Annual Meeting—more than three times the expected turnout, underscoring the strong global investor interest in the Philippines.

On behalf of Finance Secretary Ralph G. Recto, Department of Finance (DOF) Undersecretary and Chief Economist Domini S.D. Velasquez assured foreign investors of the Philippine government’s steady progress in fiscal consolidation, solid revenue collection efforts, and strong reform momentum.

“This is the century of Asia…and the Philippines must be the protagonist of the century, not just one of the members. You have all the conditions to be one of the protagonists…[as] one of the fastest-growing economies in Asia [with] a large and young population,” said Lombardy Region, Italy Undersecretary for International and European Relations Raffaele Cattaneo.

During his keynote address, Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio M. Balisacan pitched the Philippines as an economic standout in the region, highlighting its young, future-ready, and tech-savvy workforce; fast-expanding digital economy; and business-friendly reforms.

Secretary Balisacan also underscored the country’s efforts to ramp up infrastructure development to drive investment-led growth, showcasing 207 big-ticket projects under the Infrastructure Flagship Projects (IFPs) amounting to PHP 10.1 trillion (USD 177.7 billion).

Alongside expanding opportunities for investments, the Philippines also introduced pro-business policies such as the Public-Private Partnership (PPP) Code, the Philippines-Korea Free Trade Agreement (PH-ROK FTA), the Ease of Paying Taxes (EOPT) Act, and the CREATE MORE Act.

“The CREATE MORE Act modernizes the country’s fiscal incentive system for strategic industries and streamlines tax administration to align with the national priorities,” said Secretary Balisacan.

During the panel discussion, Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman discussed priority spending items in line with the Medium-Term Fiscal Framework (MTFF) and shared details on the New Government Procurement Act (NGPA).

Hailed as one of the country’s biggest anti-corruption measures in recent history, the NGPA is designed to modernize, streamline, and augment public procurement processes by addressing loopholes and inefficiencies through digitalization.

ADB Director General for Southeast Asia, Mr. Winfried Wicklein also noted that the Philippine government has demonstrated a sustained commitment over the years to reduce regulatory burdens and red tape.

“There has never been a more exciting time to invest in the Philippines,” Mr. Wicklein concluded.
Meanwhile, Department of Agriculture (DA) Undersecretary Asis G. Perez invited Italian tech and innovation companies to invest in the Philippines’ agriculture sector, particularly in mechanization and digitalization.

Bangko Sentral ng Pilipinas (BSP) Assistant Governor Zeno Ronald R. Abenoja and Asian Development Bank (ADB) Deputy Director General for Southeast Asia, Mr. Pavit Ramachandran also joined the panel discussion.

In addition, Commercial Counsellor and Director of the Philippine Trade and Investment Center – Paris (PTIC-Paris) Katrina Banzon detailed government initiatives to improve the ease of doing business in the country by fast-tracking investments in renewable energy and manufacturing sectors.

She also discussed the government’s priority investment areas such as aerospace, automotive manufacturing, high-value services (Information Technology and Business Process Management [IT-BPM]), electronics manufacturing, and critical minerals processing.

“The Philippines is more than ready to do business with Italy and with Europe,” said Philippine Ambassador to the Italian Republic Nathaniel G. Imperial in his opening remarks.

He also noted the strong people-to-people ties between Italy and the Philippines, with Italy hosting the largest number of Filipinos in Europe.

The PED was co-organized by the DOF and the BSP, in cooperation with the ADB, the Philippine Embassy in Italy, the Philippine Consulate General in Milan, the PTIC, and the Italian Chamber of Commerce in the Philippines. It was hosted and moderated by DBM Undersecretary Margaux Salcedo.

The Philippine delegation also held meetings on the sidelines with high-level officials from the Singapore Ministry of Finance (MOF), Department of the Treasury of the Italian Ministry of Economy and Finance, French Treasury, Agence Française de Développement (AFD), United Kingdom (UK) Government, and ADB, including a meeting with ADB President Masato Kanda.

In addition, the DOF, together with the Bureau of the Treasury (BTr) and Land Bank of the Philippines (LANDBANK), conducted a Financial Literacy Seminar for the Overseas Filipino (OF) community in Milan on May 4, 2025.