Carlos Dominguez III, Secretary of Finance, the Philippines

As markets across Asia seek to build back from the COVID-19 crisis, the Philippines is lagging behind, with the economy slumping by 4.2 per cent in the first quarter from a year earlier – a bigger contraction than expected. Despite early signs of success in tackling the pandemic, faster-spreading variants of COVID-19 have seen the government enforce a strict lockdown, with businesses across the Philippines closing and unemployment on the rise.

However, despite disappointing growth figures, the government says the economy is ‘on the mend’ as domestic consumption experienced the smallest contraction in the last four quarters and government spending increased. New measures are also being implemented to attract investment into the country, including through the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, passed in March.

A key figure in navigating the Philippines towards economic recovery is Secretary of Finance Carlos Dominguez III, who will brief Asia House Corporate Members on Wednesday 16 June.

Secretary Dominguez will provide an update on the country’s efforts to return to growth and assess the broader trade and economic outlook for the Philippines amid the pandemic and wider regional tensions.

Having served as Secretary of Finance since 2016, Dominguez was central to the first of a series of proposed tax reform packages under the Duterte administration known as the Tax Reform for Acceleration and Inclusion (TRAIN) Act. This was followed by the passage of the Tax Amnesty Act, the Tobacco Tax Reform Law, a new Sin Tax Reform Law which raised excise taxes on alcohol and electronic cigarettes, and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. He has previously served as Secretary of Environment and Natural Resources and Secretary of Agriculture, and has more than 40 years of experience as a shareholder, chairman and board member of more than a dozen corporations.

This briefing is held exclusively for Asia House Corporate Members. To register interest in joining this briefing, please email Edward Danks, Programme Associate: edward.danks@asiahouse.co.uk

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