Go sees continued role in attracting investment following move to DoF

FINANCE SECRETARY Frederick D. Go will continue to assist President Ferdinand R. Marcos, Jr. in screening global investors next year, after he relinquished his position as the government’s chief investment adviser.

Mr. Go said he will “continue to help coordinate and support the investment promotion activities of the government” as the new Secretary of Finance.

His previous posting was as head of the head of the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA), starting 2023, until his appointment to the Department of Finance (DoF) on Nov. 13.

Despite the abolition of the OSAPIEA, Mr. Marcos appointed former Deputy Treasurer and World Bank Executive Director Erwin D. Sta. Ana as undersecretary for economic affairs.

“For example, there are overseas plans next year of the President. So again, we will meet some of the most serious investors or interested investors in the Philippines,” Mr. Go told reporters on Dec. 18.

He will also vet prospective investors and recommend those that Mr. Marcos should meet.

“I’ll continue to help with investments. That’s what we really need. It’s all about job creation, increasing the number of jobs,” he said.

Foreign direct investment net inflows fell 25.8% to $320 million in September, the lowest monthly level in over five years, the Bangko Sentral ng Pilipinas reported. This brought the nine-month tally to $5.537 billion.

Mr. Go said 10 staffers from his former OSAPIEA team will remain with the Office of the President to assist on investment matters.

Mr. Go said he would like reforms like the Public-Private Partnership Law and the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act tax incentives to play a key role in attracting investment.

He added that the Accelerated and Reformed Right-of-Way Act, the Land Lease for Foreign Investors Act, and the Philippine Mining Fiscal Regime Act should be broadened.

Mr. Go said the Department of Trade and Industry (DTI) remains the key agency in trade negotiations, with the DoF’s input to be required on issues that involve taxation.

“I’ll still be very much involved because in trade negotiations, majority of the discussion are tariff considerations. So as Secretary of Finance, again, no choice but I’ll be actively involved,” he said.

Mr. Go as head of OSAPIEA had been a key member of the delegation that negotiated tariff arrangements with the US after Washington imposed its reciprocal tariff regime in April. 

The DTI has that most Philippine agricultural products, valued at more than $1 billion, were declared exempt from the 19% reciprocal tariff by virtue of a US executive order which took effect on Nov. 13. — Aubrey Rose A. Inosante