Philippines poised for more investments under Duterte: analyst

ABS-CBN News

Posted at Jul 25 2016 12:38 PM

MANILA - President Rodrigo Duterte's decisive brand of leadership and his pledge to cut red tape and reform the tax system is likely to attract more investments in one of Asia's fastest-growing economies, an analyst said.

The 71-year-old leader is expected to outline his priorities in an annual address to Congress on Monday, his first major speech since assuming office last month.

"There is incredible excitement, there is incredible hope. Given the past ways in which President Rodrigo Duterte managed his local government policies, people are looking for that style of getting things done," Frost & Sullivan global president and managing partner Aroop Zutshi said.

Duterte's promise to cut red tape got a boost last week after the trade department announced it would cut the process of setting up a business to one day from one week.

The President's economic managers also said they would raise infrastructure spending to as much as seven percent of gross domestic product within his term and reduce income tax rates to 25 percent from as high as 32 percent.

Zutshi said the country's creaking infrastructure and financial inclusion remained key challenges for Duterte, which he should address in his State of the Nation Address.