SINGAPORE --- Intending to speed up the country's post-pandemic recovery, President Marcos has invited Singaporean business leaders to look at the Philippines and consider investing in Asia's "fastest-rising star."
Marcos said this during the Philippine economic briefing here on Wednesday, September 7.
In his keynote speech, Marcos thanked the event's guests for showing their interest in the Philippines and said that the country awaits building a better relationship with Singapore.
"The Philippines welcomes your investments and looks forward to forging even stronger ties with the Singaporean business community," he said.
"Thank you once again for your interest in the Philippines," he added.
According to Marcos, the Philippines is Asia's "fastest-rising star" and is projected to outperform its regional peers.
He said the next six years under his administration would be grounded on a favorable investment policy environment, sound macroeconomic fundamentals, and a solid and decisive economic team.
"We are presently on a steady path to a strong recovery from the pandemic and the robust economic expansion," the President said.
"My administration is committed to establishing an even more competitive business climate conducive to high-value investments. More investments translate to higher economic activity, more jobs, and a better life for all Filipinos," he added.
8-Point Socioeconomic Agenda
President Marcos shared with prospective investors his administration's 8-Point Socioeconomic Agenda that underscores the commitment through broad-based job creation, expansion of digital infrastructure, and the promotion of research and development across the country:
- Food security
- Improved transportation
- Affordable and clean energy
- Healthcare
- Social services
- Education
- Bureaucratic efficiency
- Sound fiscal management
"This strategy will enable us to reduce poverty sharply and upgrade the country to upper-middle-income status," he said.
To achieve this, Marcos said the government would exercise fiscal prudence by pursuing the Philippines' first-ever Medium-Term Fiscal Framework (MTFF), which will widen the country's fiscal space to allow for continued investments in public infrastructure and human capital development.
"We will expand our high investments and public infrastructure by leveraging our public-private partnerships mechanisms. We will improve interconnectivity through transportation development," he said.
"We will fast-track the development of our railway systems, modernize our airports and seaports, and enhance our road and infrastructure," he added.
Economic drivers
In addition, President Marcos said the Philippines would focus on agriculture as it is a critical driver of the economy and a strong driver for growth.
"An efficient and modern agriculture sector will ensure food security and reduce poverty incidence," he said.
Marcos added that his administration would reinvigorate the tourism sector through massive investments and travel infrastructure and the promotion of the Filipino brand worldwide.
Changing the game
According to Marcos, his administration will change the game by implementing structural reforms that allow for wider participation in the country's industries and, effectively, its economic resurgence.
He said that with the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and economic liberalization measures, "we have expanded the space for foreign investments in joint venture opportunities for industry players employing cutting-edge technologies."