The Philippines has signed a protocol to amend the ASEAN Comprehensive Investment Agreement (ACIA), aimed at boosting investment in the country, particularly in manufacturing.
Acting Trade Secretary Cristina Roque announced the signing during an online briefing from Laos, highlighting that the agreement will facilitate investor access to sectors open for investment in the Philippines.
Trade Undersecretary Allan Gepty emphasized that the protocol will create a more stable business environment, providing clarity on market access restrictions.
This initiative aligns with the country’s goal to position itself as a regional investment hub for smart and sustainable manufacturing.
Despite a decline in foreign direct investments (FDI) in the Philippines last year, the government aims to attract more investments by enhancing transparency and removing barriers within the investment landscape.
Source: PhilNews24 | October 16, 2024
