PRESIDENT Marcos Jr. yesterday said he sees the Philippines “outperforming its regional peers” in the next few years as he vowed to make the country more competitive and conducive to high-value investments, which he said would translate to more economic activities and more jobs for Filipinos.
The President, during an briefing hosted by his economic team at the Shangri-La Hotel in Singapore on the last day of his state visit, also said the country is now on a steady path to a strong economic recovery from the coronavirus disease (COVID-19). He invited more investors and businesses to come to the Philippines.
“Today we shine a spotlight on Asia’s fastest rising star — the Philippines. The Philippines welcomes the next six years with optimism grounded on a favorable investment policy environment, sound macroeconomic fundamentals, and a strong and decisive economic team,” Marcos said.
“We are presently on a steady path to a strong recovery from the pandemic and a robust economic expansion. In the next few years, our economy is expected to outperform our regional peers. My administration is committed to establishing an even more competitive business climate conducive to high-value investments,” he added.
The President said he aims to realize his administration’s goals through his eight-point socio-economic agenda that underscores the commitment through broad-based job creation, expansion of digital infrastructure, and promotion of research and development across the country.
This includes high investments in public infrastructure through public-private partnerships mechanisms to improve interconnectivity through transportation development, developing an efficient and modern agriculture sector to ensure food security for all and reducing poverty incidence, reinvigorating the tourism sector through massive investments in travel infrastructure and the promotion of the Filipino brand.
Marcos Jr. said this will be done even while the country is exercising fiscal prudence and pursuing the country’s first-ever medium-term fiscal framework.
“We invite strategic investors from the international community to take part in the Philippines economic resurgence. We will change the game by structural reforms that we have set in place to allow for wider participation in our industries,” he added, as he enticed them with the implementation of corporate recovery and tax incentives for enterprises (CREATE) Act and more economic liberalization measures to pave the way for more foreign investments and joint venture opportunities.
DEEPENING PH-SG TIES
After his meeting with the business sector in Singapore, the President held bilateral meetings with Singapore President Halimah Yacob and Prime Minister Lee Hsien Loong at the Presidential Palace.
The Department of Foreign Affairs (DFA) said that during the separate meetings, the Philippines and Singapore affirmed the longstanding relationship between the two countries; welcomed the wide-ranging and robust cooperation between both countries, including in trade and investment, counter-terrorism, healthcare and digital cooperation despite the disruptions caused by the coronavirus disease (COVID-19) pandemic.
Yacob recognized the contributions of Filipinos to his country especially, the healthcare workers and frontline personnel in Singapore’s COVID-19 response and welcomed a joint communique on the recruitment of more Filipino healthcare workers.
Marcos and Prime Minister Lee, meanwhile, witnessed the signing and exchange of six memoranda of understanding (MOU).
These are on assignment of a team to the Regional Counter-Terrorism Information Facility in Singapore, signed between the Armed Forces of the Philippines and the Singapore Armed Forces; MOU in the field of digital cooperation, MOU for collaboration on the development of New Clark City; renewal of MOU on cooperation in personal data protection and on water collaboration; and a joint communiqué on the recruitment of Filipino healthcare workers.
The DFA said the Philippines and Singapore also exchanged views on key regional and international developments while emphasizing the importance of strengthening ASEAN centrality and unity, deepening regional economic integration including through digital transformation, and upholding rules-based multilateralism to promote peace and stability in the region.
They also reiterated the importance of pursuing peaceful resolution of disputes without resorting to threat or use of force, in accordance with international law, including the 1982 United Nations Convention on the Law of the Sea; and underscored the importance of the full and effective implementation of the Declaration on the Conduct of Parties in the South China Sea.
The DFA said two nations vowed to explore ways to improve supply chain connectivity and resilience so as to boost mutual economic resiliency.
Marcos, who was expected back in Manila late Wednesday, expressed
optimism that after his series of meetings during his state visit, the Philippines and Singapore would have further deepened bilateral ties.
On his way to his inaugural trip abroad, the President said he expects to bring back to the Philippines “a harvest of business deals” that will be signed during the state visits to Singapore and Indonesia.
He was in Indonesia from September 4 to 6. The trip resulted in over $8.4 billion worth of potential investments which could generate around 7,000 jobs for Filipinos, according to Press Secretary Trixie Cruz-Angeles.
Angeles said she could not yet say how much investments would be coming from Singapore.
At the sidelines of the meetings during the Singapore state visit, the President and First Lady Araneta-Marcos were presented a new orchid hybrid, the Dendrobium Ferdinand Louise Marcos, that was named in their honor, at the Singapore Botanic Gardens yesterday.
