President Marcos Jr. has reintroduced the Philippines as the best place to do business, reaffirming that the country is “ready to take off as a leading investment hub in Asia.”
At the Philippine Economic Briefing (PEB) held at the sidelines of the Asia Pacific Economic Cooperation (APEC) Summit held in San Francisco on November 15, Marcos also pitched 80 potential infrastructure projects identified as financeable by the country’s Maharlika Investment Fund.
“A wealth of opportunity awaits you in the Philippines, and we are ready to explore new horizons with your investments in the coming years,” the President said at the PEB, the fourth to be held in the US.
“Over the past year, we embarked on a journey towards economic transformation grounded on sound macroeconomic fundamentals, a favorable business climate, and agile risk management,” he said, as he expressed confidence the Philippines will achieve its 6 to 7 percent target for 2023.
Marcos enumerated the reforms that include Public Service Act, Foreign Investments Act, Retail Trade Liberalization Act, and the Renewable Energy Act IRR, grant of incentives under the Corporate Recovery and Tax Incentives for Enterprises Act and simplified approval process for public-private partnership projects.
“These reforms support the Philippines’ massive infrastructure drive. We are prioritizing the implementation of 197 infrastructure flagship projects worth around $155 billion with a sharp focus on upgrading physical and digital connectivity, water, agriculture, health, transport, and energy,” he said.
Marcos did not name the projects identified for MIF funding but said the government is focused on boosting productivity with much improved infrastructures through the administration’s Build Better More program to attract investments.
