PRESIDENT Marcos Jr. yesterday invited foreign investors anew to consider the Philippines for their businesses as he said the country has been taking steps to improve the business climate.
Addressing the 10th Asia Summit in Singapore, the President said the Philippines is ready to partner with investors in shaping a brighter future for everyone.
“As we stand here discussing ways how we can collaborate, I invite each one of you to consider the Philippines as a strategic partner in your journey. Our story is one of promise, of potential, and of endless opportunities and all waiting to be harnessed,” Marcos said.
“Let us embark on this path together, united in our commitment to economic progress, social inclusion, (and) sustainable development. The Philippines is open for business. We invite you to join us in shaping a brighter future for us all,” he added.
The President said among reasons for considering the Philippines as an investment destination is the country’s 7.6 percent growth last year despite high inflation and global market instability. He said the economic expansion is expected to continue this year with global institutions such as the World Bank and International Monetary Fund projecting that the Philippines will grow around 6 percent in 2023.
Marcos said the country also offers a big market with about 110 million consumers, as well as a skilled, educated, and English-speaking workforce, which makes Filipinos a top choice in the areas of business processing and outsourcing, including customer support and healthcare services. The country is also the site for several data centers including Google, Microsoft, Amazon and Meta, among others, he said.
The President also highlighted the passage of regulatory reforms that liberalized the public services, retail, and renewable energy sectors, and which launched the Maharlika Investment Fund (MIF) which is designed to consolidate investible funds from government financial institutions to further drive economic development.
Marcos said the government also boosted its infrastructure program and “we open our doors to international developers and construction companies who wish to take part in the infrastructure development of our country.”
He said the country is also actively promoting investment in smart and sustainable agriculture, aligning its priorities with global goals to achieve food security and conserve natural resources for future generations.
INCENTIVES
The President said the country also offers incentives, tax breaks, and robust legal frameworks that safeguard the interests of foreign investors as well as protect intellectual property rights.
“We also note that geopolitical stability and regional cooperation are cornerstones of our foreign policy. We are dedicated to peaceful relations and collaboration that foster a conducive investment and business climate,” he added
The President, who marked his 66th birthday yesterday, flew to Singapore to address the Asia Summit organized by think tank Milken Institute, as well as meet with business leaders. He will also attend the finals of Formula One Singapore Grand Prix 2023.
He was accompanied by Speaker Martin Romualdez, Trade Secretary Alfred Pascual, Communications Secretary Cheloy Garafil, First Lady Liza Araneta-Marcos and several Filipino business leaders.
On the eve of his birthday, Marcos celebrated the event with a gathering in Malacañang attended by family led by the First Lady and sons Ilocos Norte Representative Sandro Marcos and Simon Marcos, his mother former First Lady Imelda Marcos, and sisters Sen. Imee Marcos and Irene.
Among friends who attended were Sen. Bong Revilla and his wife Cavite Rep. Lani Mercado, Sen. Cynthia Villar and her son Sen. Mark Villar and Mark’s wife Las Piñas Rep. Camille Villar, Interior Secretary Benhur Abalos and Energy Secretary Rafael Lotilla.
