PBBM seeks US investments, touts PH’s “robust” economy, Pinoy workers as greatest assets
President Ferdinand “Bongbong” Marcos Jr. on Monday persuaded more American companies to make investments in the Philippines by reassuring them of the nation’s strong and resilient economy, during the New York Stock Exchange (NYSE) Economic Forum.
Marcos announced that his administration is stepping up its efforts to further open up the Philippine economy and hasten the nation’s recovery from the coronavirus disease 2019 (Covid-19) epidemic while addressing business executives from the United States (US).
“Despite external headwinds, the Philippine economy’s resilience — reinforced by sound policies and decisive leadership — makes us confident about our future,” Marcos, who is currently in the US, said during the New York Stock Exchange Business Forum.
For the advancement of several industries, including public infrastructure, energy, and agriculture, as well as for the digitization of the Philippines, Marcos stated he looked forward to increased private sector investments.
“Over the past few decades, as the Philippines transformed into one of the most promising emerging markets, the United States has been among our steady partners. For that, we are truly grateful. At the same time, American companies doing business in the Philippines have benefited significantly from our economic successes,” he said.
“I wish to emphasize that the Philippines is keen to continue nurturing the ties that helped produce mutual benefits for both our economies, our organizations, and our peoples. Let us achieve many more milestones together,” Marcos added.
Marcos made the remarks, as he acknowledged the US and the Philippines’ “strong and enduring” ties in trade and commerce.
Marcos guaranteed that the Philippines has increased the scope for “mutually beneficial” investments aimed at generating more jobs for Filipinos and giving them a “better” life.
“For investors, doing business in the Philippines is an opportunity to reap the benefits of a vibrant economy,” he said.
Marcos informed the American businesses that the nation has investment prospects in sectors including telecommunications infrastructure and services, medicinal products and gadgets, electric cars and batteries, agribusiness, and information technology and business process management.
He stressed that despite the prevailing Covid-19 pandemic, the Philippines’ economy remains “robust” since 2021 and is slated to achieve its goal of becoming an “upper-middle-income” country in the coming years.
“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 said.
Marcos mentioned important laws that would further liberalize the Philippine economy in an effort to attract US investment.
The adopted policies, according to Marcos, include reducing corporate income tax rates and rationalizing fiscal incentives; lowering the minimum paid-up capital requirements for international retailers and startups bringing in cutting-edge technology; and allowing full foreign ownership of businesses offering public services.
“To international investors, the Philippines offers high-quality labor, a large consumer market, and a wide range of fiscal and non-fiscal incentives. At the same time, we remain committed to maintaining sound macroeconomic fundamentals providing a clear development roadmap,” Marcos said.
Marcos also made sure that the nation was crisis-resistant, highlighting the improvement in the labor market, the acceleration of production, and the rising demand from trading partners in the Philippines despite the epidemic.
He stated that maintaining stable macroeconomic fundamentals and controlling inflation are his administration’s key responsibilities, along with minimizing the pandemic’s debilitating consequences.
“And again, the private sector business leaders also are here with us precisely to show and explain to our prospective investors where the Philippines is headed, what changes we have made so that investment will be more profitable and more attractive for foreign investors, especially coming from the United States,” he said.
“So it plays a central role in all that we are planning to do for our economy. It is once again something that we recognize in government we have a part to play,” Marcos added.
Marcos also boasted that the country’s workforce is its greatest asset in its economic transition, claiming that Filipino employees are skilled and help to make investments in the nation successful.
“They are ready to take up the cudgels, they are ready to work for the country, they are ready to do what needs to be done to bring the country forward,” Marcos said.
“So, again we have adjusted many of our ways of doing business at the behest of our friends in the United States and of the Americans businesses that are already in the Philippines,” he added.
Tuesday at the UNGA’s 77th session, Marcos is scheduled to give the national statement for the Philippines.
At this year’s high-level General Debate, he will be the first representative of the Association of Southeast Asian Nations to make a comment.
Marcos will meet with international leaders and continue his discussions with foreign investors about doing business in the Philippines in addition to presenting the Philippines’ viewpoints on major global issues at the UNGA.
After the NYSE Economic Forum, Marcos went to the trading floor of the NYSE where the Philippine flag was on display on digital billboards.
At 4 p.m., Marcos led the ringing of the closing bell at the NYSE.
This was the second day of Marcos’ working visit in the US.
