DOF chief urges foreign funds to invest in Build Build Build

MANILA, Philippines — Finance Secretary Carlos Dominguez is urging foreign pension funds and sovereign wealth funds to take part in the government’s massive infrastructure program.

Dominguez made the call during a meeting with the Asia Pacific Investors Cooperation (APIC), a private network exclusively for Asian sovereign wealth funds, government funds, central banks, and public and private pension funds.

During the meeting, Dominguez said now is the right time to invest in the Philippines, which emerged as one of the fastest-growing economies in the region.

He said the administration’s $170 billion infrastructure modernization program, dubbed as Build Build Build would open many investment opportunities even to global players.

“The modernization of our infrastructure and our governance will bring enhanced connectivity to the Philippine economy. They will open many opportunities for the global investment community. I hope that you will examine our ongoing programs and decide to participate in the strong emergence of the Philippine economy,” Dominguez told APIC members.

Dominguez also discussed how foreign pension funds can participate in the Philippines’ infrastructure development.

He said in the Philippines, state pension funds also play a role in the funding of infrastructure projects.

He cited the Government Service Insurance System (GSIS), which invested in private infrastructure assets through the Philippine Investment Alliance for Infrastructure, the first private equity fund earmarked for the country’s infrastructure projects.

Among the investments made under this fund include solar power and wind farm projects, power plants and railways, he said.

The Duterte administration’s program involves 75 big-ticket infrastructure projects and requires up to P9 trillion in investments over the medium term.

To fund this program, Dominguez said the government has initiated the Comprehensive Tax Reform Program, which aims to simplify the country’s tax system.