PRESIDENT Marcos Jr. yesterday wooed American and other foreign investors to do business or expand their ventures in the Philippines and eventually “reap the benefits of a vibrant economy.”
The President, who is in New York for the 77th United Nations’ General Assembly, met with with business executives Monday morning (Tuesday in Manila) and attended in the afternoon an economic forum at the New York Stock Exchange (NYSE), before he rang the closing bell to end the day’s trading.
Marcos said the event at the NYSE is an “invaluable opportunity” for him to share with business leaders how the Philippines is ramping up efforts to open up the economy and accelerate post-pandemic recovery.
He said investment opportunities are available in various sectors such as in information technology, business process management, agribusiness, and telecommunications.
“Bouncing back from the pandemic, the Philippine economy has seen robust growth since last year and has returned to its path toward upper-middle-income country status, achievable within the next few years,” he added.
The President said the Philippines has also been implementing policies and laws that will liberalize the country’s economy, such as those lowering corporate income tax and rationalizing fiscal incentives, as well as the reducing minimum paid-up capital requirements for foreign retailers and foreign start-ups.
Marcos said the country also now allows full foreign ownership of companies providing public services such as telecommunications, shipping, air carriers, railways, subways, airports, and toll roads.
He said the Philippines also offers high-quality labor and a large consumer market, and the country also remains committed to maintaining sound macroeconomic fundamentals.
The President said that with a wide range of fiscal and non-fiscal incentives, the Philippines has become a key destination for investments.
PRIORITIES
Marcos said the top priorities of his administration are “protecting the purchasing power of Filipino families by managing inflation, reducing the scarring effects of the coronavirus disease pandemic, and ensuring sound macroeconomic fundamentals.”
He said his administration is keen on implementing policies that enhance food security, quality of education and skills of workers; reduce energy, transport, and logistics costs; and strengthen social protection.
“As we pursue our short-term agenda, we build the foundations for a stronger, more inclusive future. Our medium-term agenda includes reducing the poverty rate to single digit by 2028 and undergoing an industrial transformation through which science, technology, innovation, and sustainability will drive our industries,” he said.
The President said the government is also implementing massive stimulus programs to readily support the most vulnerable sectors, and measures to reduce the public debt.
He said the debt-to-GDP ratio is expected to go below 60 percent by 2025 and reach 51.2 percent by 2028. As of June 2022, the country’s outstanding debt was 62.1 percent.
“Although our borrowings increased substantially during the pandemic, we continue to reduce the cost of our public debt through judicious debt management,” Marcos said.
He also said the country has “sufficient” buffers against external shocks, with the steady inflow of remittances from Filipinos working overseas, receipts from business process outsourcing, and foreign direct investment.
PH-US TIES
The President said he cannot see the Philippines’ future without the US as a partner in politics and economy.
Marcos said the US is the Philippines’ third largest trading partner and second major source of foreign direct investment applications in 2021.
He said the US and the Philippines also have strong and enduring ties in trade and commerce, among many other areas of cooperation, for years and he sees its continued growth in the years ahead.
“It is very clear to me in my vision for the way that the country will move forward that I cannot see the Philippines in the future without having the United States as a partner. Although I was referring to the geopolitics of it, and I was referring to the political situation in the region and around the world, that certainly does continue to apply in our exchanges on the economic front,” he said.
Earlier in the day, the President met with the executives of US-based companies NUscale Power, WasteFuel, and Boeing.
The Radio Television Malacañang (RTVM), in its Facebook page, described NuScale Power as an American energy firm that offers scalable advanced nuclear technology for the production of electricity, heat and clean water to improve the quality of life for people around the world.
It described WasteFuel as a company that produces renewable fuels through proven technologies such the conversion of municipal and agricultural waste into low-carbon fuels, renewable natural gas, and green methanol.
RTVM described Boeing as a leading global aerospace company and premier manufacturer of commercial jetliners for decades.
Details on the three meetings were not yet immediately available but Press Secretary Trixie Cruz-Angeles, on Facebook, said Marcos met with companies involved in sustainable renewable energy production because ensuring energy supply in the country is part of the “economic transformation” that the Marcos administration is pursuing.
Asked about meetings the President is supposed to hold with other world leaders, Angeles said details will be released after the meetings.
The President, who is on a working visit in the US until late Friday, is hoping to have a meeting with US President Joe Biden at the sidelines of the UN General Assembly. He is expected to be back in Manila by Sunday.
Marcos is in the US to deliver the Philippines’ national statement at the 77th session of the UN General Assembly (UNGA) where he intends to talk about the country’s vision of people-centered development, and highlight his administration’s thrust for economic recovery, food security, and agricultural productivity.
PH TIES WITH SOKOR, NORWAY
Foreign Affairs Secretary Enrique Manalo, who is part of Marcos’ delegation, met with counterparts from South Korea and Norway on the sidelines of the UNGA.
Manalo discussed with South Korean Foreign Minister Park Jin regional and international developments, according to the Department of Foreign Affairs (DFA).
“We covered a lot of issues and committed ourselves to formalizing soon the elevation of PH-Korea bilateral relations to a strategic partnership,” Manalo said in a tweet.
The DFA said Manila and Seoul will be signing an agreement for the latter to help fund more development projects in the Philippines through loans from the Economic Development Cooperation Fund.
A similar agreement inked in 2018 under the previous administration allowed Manila to tap up to $1 billion in loans from 2017 to 2022 from South Korea.
Seoul is also one of the largest sources of official development assistance to Manila.
Manalo said both countries also agreed to enhance relations to include more high-level engagements, maritime cooperation, increased security collaboration, as well as in trade and investments, science and technology and more people-to-people exchanges.
There are about 242,000 Filipinos living and working in South Korea.
Manalo also met with Norwegian Foreign Minister Anniken Huitfeldt, during which they affirmed the primary importance the two countries place on maritime affairs.
“Great meeting with Norwegian Foreign Minister Huitfeldt where we discussed energy, maritime cooperation and pressing international developments on the sidelines of the UNGA 77 High Level Week,” Manalo said in another tweet.
Manalo said he also expressed gratitude to Norway’s continued support for peace and development in the country, including peace negotiation with the communist movement.
Oslo played host to peace talks between the Philippine government and the communist movement during the Duterte administration until the latter decided to terminate the talks in 2017.
There are about 25, 000 Filipinos living and working in Norway.
JET ESCORTS
TWO FA-50 fighter jets of the Philippine Air Force escorted the chartered plane that took Marcos to the US last Sunday.
The Air Force said it did not escort the President’s first state visit, to Indonesia earlier this month, because no aircraft was available.
“During the earlier presidential trips, our fighter jets had been committed for priority patrol missions elsewhere that needed urgent presence. And considering that we have limited aircraft, our government’s priority is for our aircraft to be utilized for such urgent and critical missions,” said Air Force spokeswoman Col. Ma. Consuelo Castillo.
“That is why, even in the said brief fighter escort mission, we jibed it with the conduct of maritime patrol … It would really help if we could have more fighter aircraft for better coverage of our territories,” she also said.
Castillo said the FA-50 jets in the country’s eastern front, starting from Polillo Island in Quezon all the way up to 200 miles.
“This is the first time that our FA-50s were able to escort out the President on a foreign trip,” said Castillo. The procedure lasted for a “few minutes” only, she said.
After accomplishing the mission, Castillo said the two FA-50s “continued on with the conduct of regular maritime patrol to secure the country from unauthorized intrusions within our Philippine air defense identification zone,” Castillo said.
“Maritime patrols are also done by our fighter jets to monitor developments and illegal activities within our (200-mile) exclusive economic zone,” she added.
Castillo said escorting the President out of the country is not only a tradition but “an essential standard operating procedure to clear and secure our air space for the arrival and departure of the President of the Republic and other visiting heads of state.”
“The said procedure is similarly practiced in other countries for added security of their presidential flights,” Castillo said.
The last time the Air Force escorted a presidential visit was during the time of President Aquino, said Castillo, referring to FA-50s escorting of Aquino’s plane while returning from a US visit in February 2016.
Castillo said the Air Force did not escort any plane of former President Duterte during a foreign trip. — With Ashzel Hachero and Victor Reyes
