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Tax Whiz urges overseas Filipinos to invest in the Philippines

QUEZON CITY, PHILIPPINES – The “Philippine Tax Whiz” and Asian Consulting Group (ACG) Chairman and CEO Mon Abrea opened the year with the Investment & Tax Briefing, a series of seminars for overseas Filipinos held from January 3 to February 8. In this 2022 US Roadshow, Abrea met with kababayans based in Washington, D.C., Los Angeles, San Francisco, New York, and Hawaii and encouraged them to invest and do business in the Philippines.

The briefing presented an economic overview of the Philippines in light of the pandemic, a discussion of investment opportunities, and the Revised Corporation Code. Abrea oriented the attendees on developments regarding the ease of doing businesses in the country, including the digitalization of government services. More importantly, he shared tax reform updates from the CREATE law to the proposed Digital Economy Taxation and other tax reform bills pending in Congress, all of which promise a better business experience in the country. “I am happy to share that tech companies in the Philippines are working with the government, especially helping BIR, in automating the tax system,” said Abrea. “Now is the time that we see collaboration at its highest form where private sectors and experts are really working with the government.”

Welcoming the Tax Whiz to Washington, D.C. was the Ambassador of the Philippines to the United States Jose Manuel Romualdez. In his keynote address, he expressed his hope for those who attended. “I hope that this roadshow will help you realize your aspirations of being financially stable by guiding you on how to be responsible investors and business owners,” said Romualdez.

In San Francisco, Consulate General Noel Frank Ferrer gave the keynote address. In this leg, an engaged group of more than 30 Fil-Ams joined the virtual briefing from different states including Texas and Hawaii.

Philippine Trade Secretary Ramon Lopez and Anti-Red Tape Authority Director-General Jeremiah Belgica gave special messages to our kababayans as part of the program. Secretary Lopez offered an encouraging outlook for those looking to do business in the country. “The Philippines’ third quarter GDP growth of 7.1% is the fastest growth in the region. Likewise, our exports and our foreign direct investments have already breached their pre-pandemic levels, signifying real growth,” assured Lopez. “We are confident that the Philippines will continue to stand out as a premium investment destination,” he added, citing the country’s large consumer base, resilient and capable human resources, and strong policies on intellectual property.

The Investment and Tax Briefing 2022 US Roadshow was made in partnership with the Philippine Embassy in Washington D.C., the Philippine Consulate General, as well as the Philippine Trade and Investment Centers (PTIC) in Los Angeles, San Francisco, and New York. 

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