PH inks protocol to amend ASEAN Comprehensive Investment Agreement

Department of Trade and Industry (DTI) Acting Secretary Ma. Cristina Roque (PNA file photo by Kris M. Crismundo)

MANILA, Philippines – Department of Trade and Industry (DTI) Acting Secretary Ma. Cristina Roque identified that one of the highlights of the recently concluded Association of Southeast Asian Nations (ASEAN) Summit in Vientiane, Laos is the signing of the document that will enhance the certainty and transparency of investing in the region.

In a press briefing on Monday, Roque said the Philippines signed the 5th Protocol to Amend ASEAN Comprehensive Investment Agreement (ACIA) last week.

“The ASEAN made significant progress in several areas of economic integration. Notably, we signed the 5th protocol to amend the ASEAN Comprehensive Investment Agreement,” Roque said, adding this agreement will make it easier for investors to identify sectors open for investments in the Philippines.

DTI Undersecretary for International Trade Group Allan Gepty said in a separate message that the Protocol presents a more stable and predictable business environment necessary to attract more capital into the country.

“The submission of the Schedule of Reservations pursuant to the Fifth Protocol would provide greater certainty and transparency in determining which sectors are open for investments because those sectors with market access restrictions or limitations will be accordingly listed,” he said.

Gepty added that signing the 5th Protocol to Amend ACIA aligns with the administration’s policy to pursue advanced, purposive and forward-looking agreement.

“The ACIA sends also a strong signal to the investment community of the country’s readiness to serve as investment hub in the region, especially for smart and sustainable manufacturing,” he said.

Talk with investors

On the sidelines of the ASEAN Summit, the acting DTI chief also had a discussion with some Southeast Asian companies.

Aside from biggest Thai fiber cement manufacturer Shera, Roque also made a follow-up on investment plans of AirAsia operator Capital A of Malaysia and the Vingroup, which is one of the largest conglomerates in Vietnam.

Roque said the country’s attendance in the 45th ASEAN Summit is “very successful” as President Ferdinand R. Marcos Jr. was able to convey that the Philippines is open for business.