PRESIDENT Marcos Jr. yesterday asked investors and businesses to consider investment opportunities in the Philippines as he promoted the country as an ideal hub for “smart, sustainable manufacturing,” among others.
The President, addressing the Association of Southeast Asian Nations (ASEAN) Business and Investment Summit (ABIS) 2024 in Vientiane at the Lao People’s Democratic Republic, said the country is ideal for industries like green metals, battery manufacturing, energy equipment, data centers, and agribusiness.
“The Philippines is an ideal hub for smart, sustainable manufacturing. So let me put on my salesman’s hat for just a while and invite you to explore the investment opportunities that are on offer,” Marcos said as he highlighted recent achievements of the country along with reforms implemented to promote an environment that is conducive for businesses.
Among these are improved infrastructure and projects that promote better connectivity.
“For example, the Manila International Airport. We are on our way to making it synonymous with smooth and convenient travel. This reflects our broader aim to create efficient gateways for trade and investment, paving the way for an open, accessible, and future-ready economy,” Marcos said.
In terms of telecommunications, the country has invested in a national fiber-optic backbone and opened the telecommunications sector to foreign investors, he said.
The President said the country, being vulnerable to climate change and having learned its lessons from past calamities, is developing multi-flood control projects in different parts of the Philippines, which he said will not be just a protection against heavy flooding but also “provides irrigation, bulk water supply, hydropower, solar power, ecotourism, amongst other benefits.”
Marcos said the country is also promoting the development and shift to renewable energy sources and even opened the industry to foreign owners to accelerate not just the generate energy supply but also to expedite efforts to increase the current renewable energy supply mix. The country aims to raise to 35 percent by 2030, and to 50 percent by 2040 the renewable energy supply.
He said that July 2022 to April of this year, 13 renewable energy projects in solar, hydropower, and biomass have been completed, and more are in the pipeline.
He likewise boasted of the country’s ret involvement in the manufacturing of advanced lithium-ion phosphate batteries which complements the government’s push to advance the electric vehicle industry in the country.
“Our manufacturing sector continues to flourish despite global challenges. Indicators such as the Sustained Purchasing Managers Index growth prove that with a strong foundation, industries can flourish even in these uncertain times he said.
The President likewise highlighted the different laws that had been enacted in the past years to provide a better business climate in the country such as the Public-Private Partnership Code and the Internet Transactions Act, as well as the issuance of Executive Orders that institutes green lanes for strategic investment and enhanced the ease of doing business in the Philippines.
He said more legislative measures are in the pipeline such as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy CREATE MORE) Act which aims to simplify approval processes and the permitting processes as well streamline the value-added tax refund system, and enhance tax incentives in different industries.
Marcos arrived in Laos on Tuesday for the 44th and 45th ASEAN Summit and Related Summit which formally opened yesterday.
He joined leaders from the ASEAN member countries and Timor-Leste during the plenary and retreat sessions where various international issues affecting the Region had been discussed such as the situation in Myanmar, Ukraine, the Korean Peninsula, Gaza and other geopolitical challenges impacting the Indo-Pacific Region.
During the Leaders’ retreat, Marcos emphasized the importance of upholding ASEAN principles and the rules-based international order while reaffirming sovereign rights and jurisdiction in the South China Sea in accordance with international law, among others.
In the plenary session, he highlighted the promotion of regional digital economy, cybersecurity, and the reskilling and upskilling of the labor force; support micro, small and medium enterprises by addressing financing gaps, digitization and capacity-building; and encourage the adoption of sustainable agricultural practices and promote sustainable tourism.
The President also joined the other ASEAN leaders in an interface dialogue with Representatives of the ASEAN Business Advisory Council (ABAC), the youth sector and the ASEAN Inter-Parliamentary Assembly (AIPA).
Marcos had reiterated the Philippines’ commitment to working with the private sector in advancing ASEAN’s goals and objectives, and call on the ASEAN-BAC to take a leading role in shaping the regional economy as well as to support the ASEAN Business and Biodiversity (ABBI) during the meeting with ABAC; and highlighted the importance of advancing infrastructure development, supply chain connectivity, cybersecurity, agriculture and food security, micro, small and medium enterprises (MSMEs), and climate change during the meeting with AIPA.
On Thursday, Marcos is set to attend the ASEAN Related Summit with the regional bloc’s dialogue partners like Japan, China, Canada, Australia, United States, Europe and the United Nations.
He is also expected to have hold meetings with several world leaders.