PH Investment Opportunities Cited at ING Bank Forum in Amsterdam
AMSTERDAM 31 January 2025 – “Choose the Philippines and we will make it happen” sums up the message conveyed by the Philippine high-level economic officials to Dutch business executives and investors attending the Philippine Business Dialogue (PBD) held at Amsterdam on 27 January 2025.
Trade and Industry Undersecretary Ceferino Rodolfo, Finance Undersecretaries Maria Luwalhati Dorotan-Tiuseco and Domini S.D. Velasquez, and BSP Monetary Board Member Rosalia de Leon addressed some 50 attendees at the PBD, which was hosted by the Dutch financial giant ING Group in their headquarters.
In his welcome message, ING Group CEO and Chairman of the Executive Board Steven van Rijswijk expressed his excitement about the Philippines’ economic growth and its strategic importance for ING’s global operations. He said that ING has its largest shared services hub in the Philippines, with a staff of 6,000 employees, and recognized the country’s potential for leveraging AI innovation.
In her virtual address which opened the program, DTI Secretary Cristina Aldeguer-Roque underscored the DTI’s commitment to boost trade and investments and provide more opportunities for Filipinos through close collaboration with partners like ING. This was followed by Philippine Ambassador to the Netherlands J. Eduardo Malaya who noted the increasing number of bilateral engagements between the Philippines and the Netherlands. “These add to an environment that is conducive to and supportive of productive business-to-business engagements,” he said.
Finance Undersecretary Velasquez presented the Philippines’ impressive economic performance, noting a consistent 6% GDP growth since 2022, driven by a large consumer market and the rapid adoption of advanced technologies. "With a young, tech-savvy workforce, high English proficiency, and low unemployment rates, the Philippines is uniquely positioned as an investment hub in Southeast Asia," she said. She also highlighted the country’s leadership in AI adoption, with 86% of knowledge workers already integrating AI into their workflows.
Undersecretary Rodolfo emphasized the Philippines’ record-breaking investment approvals, totaling ₱1.26 trillion in 2023 and ₱1.62 trillion in 2024. He credited key policy reforms, such as the removal of foreign equity restrictions in renewable energy projects and the launch of the "Green Lane" initiative to streamline strategic investment permitting.
"The Philippines is committed to implementing these projects and building a sustainable investment ecosystem. Eight priority sectors—renewable energy, electric vehicles, semiconductors, electronics, and others—are at the core of our growth strategy," said Usec. Rodolfo. He underscored that the Philippines is uniquely positioned to benefit from this trend, particularly in the areas of renewable energy and semiconductor manufacturing.
In the open forum, BSP Monetary Board Member and former National Treasurer Rosalia de Leon also shared that the Philippines is well on its way to being removed from the Financial Action Task Force (FATF) grey list. This comes after FATF confirmed that the Philippines has addressed all the 18 strategic deficiencies it identified. According to MBM de Leon, the FATF will undertake an “on-site assessment” this year to verify that the implementation of anti-money laundering and counter-terrorism financing reforms in the Philippines has begun and is being sustained. This is the final step toward the country’s removal from the grey list. Undersecretary Dorotan-Tuiseco meanwhile responded to specific questions related to tax-related incentives and regulations.
The Netherlands Ambassador to the Philippines Marielle Geraedts meanwhile highlighted the growing presence of over a hundred Dutch businesses in the Philippines, including Swiss Sense and Choose Your Shoes which have manufacturing facilities in the country. She expressed her optimism about the potential EU-Philippines Free Trade Agreement (FTA), emphasizing its capacity to attract more investors from the EU. She encouraged Dutch companies to connect with the Dutch Embassy in Manila, which is ready to assist them in navigating opportunities in the Philippines.
The Netherlands has consistently been among the top five investor countries in the Philippines, and number one in the past two years among the 27 EU-member countries. It accounts for EUR 727 million of the total EUR 6.2 billion in investment approvals by the Board of Investments for the year 2024. Aside from ING, around 130 Dutch companies are doing business in the Philippines, TNT Express Worldwide Philippines, Heineken International, Royal Philips, Royal Friesland Campina/Alaska Milk, East West Seed, Holland America Lines, Royal Van Oord, and the formerly Dutch multinationals – Unilever and Shell.
The Philippine Business Dialogue marked the first time in recent years that a high-level, inter-agency economic briefing was held in the Netherlands, showcasing the country’s robust economic outlook and investment-friendly policies of the Marcos Administration. It was organized in collaboration with the Department of Trade and Industry (DTI), Department of Finance (DOF), Bangko Sentral ng Pilipinas (BSP), the Philippine Embassy in The Hague, and ING Group. END
For more information, visit https://www.thehaguepe.dfa.gov.ph, https://twitter.com/PHinTheHague or https://www.facebook.com/PHinTheNetherlands/.