MANILA, Philippines — The Philippine government and business leaders from the US and Peru are exploring potential collaborations to promote the development of small and medium enterprises (SMEs), according to the Department of Trade and Industry (DTI).
In a statement, the DTI said acting Trade Secretary Cristina Roque, appointed by President Marcos as his special envoy to the Asia Pacific Economic Cooperation (APEC) Economic Leaders’ Week in Peru, met with top executives from the US Chamber of Commerce, US-ASEAN (Association of Southeast Asian Nations) Business Council, and AMCHAM (American Chamber of Commerce) Peru on the event’s sidelines.
During the meeting, Roque and the US business leaders discussed potential collaborations to provide wider markets for SMEs and help in their digital transformation.
The discussions also covered potential collaboration in responsible mining, agribusiness and renewable energy.
Roque highlighted recent policy reforms in the Philippines to enhance the business environment and make the country more attractive to foreign investments.
Those presented include the recently signed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Law and amendments to the Public Service Act (PSA).
CREATE MORE seeks to improve the country’s fiscal incentives system, while the amended PSA allows full foreign ownership in telecommunications, domestic shipping, railways, subways, airlines, expressways and tollways, removing the previous 40-percent cap.
Roque said these reforms are aimed at simplifying processes and offering attractive incentives for investors.
“We remain committed to reducing bureaucratic hurdles and creating a more conducive environment for your businesses,” she said.
Roque emphasized that the country is interested in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and in resuming talks for free trade agreements (FTAs) with key trading partners.
Roque also sought the US delegation’s support in the push for the US-Philippines FTA.
Separately, Roque met with TikTok executives such as Helena Lersch, who serves as vice president of public policy, and Shinto Nugroho, head of public policy for Southeast Asia on the sidelines of the APEC Economic Leaders’ Week to discuss enhancing digital education and promoting SME growth through the use of the social media platform.
“We see TikTok as a powerful tool for empowering our SMEs, providing accessible information and skills training directly through mobile devices,” Roque said.
For its part, TikTok expressed interest to collaborate with the DTI Negosyo Centers to support sectors such as agriculture, fashion and food and help showcase Filipino products and creative works to reach more potential buyers.
Roque invited the TikTok team for a follow-up meeting in Manila for the partnership.
Initiatives on SME development was also discussed during Roque’s meeting with representatives from the Lima Chamber of Commerce (CCL) on the sidelines of the APEC Economic Leaders’ Week.
CCL, which has over 10,000 members, is implementing the ProInnovate program, which provides grants to support Peruvian SMEs in technology and market expansion.
Roque cited the potential for collaboration with CCL in key sectors such as cosmetics, processed food, superfood and information technology.
“We see great potential for partnership and knowledge exchange that can benefit SMEs in both our countries,” she said.
Both sides also expressed strong interest in organizing a Peruvian business delegation to visit the Philippines to strengthen bilateral ties.