‘Best time to do business in PH is now’ — Marcos

Published September 23, 2022, 2:06 PM

by Argyll Cyrus Geducos

NEW YORK, USA — President Ferdinand “Bongbong” Marcos Jr. told American investors here that the Philippines is a wise investment choice and that now is the best time to do business with the country.

President Ferdinand ‘Bongbong’ Marcos Jr. speaks at the Philippine Economic Briefing in New York City on September 22, 2022 (New York time). (Photo from House Speaker Martin Romualdez)

Marcos said this as he graced the Philippine Economic Briefing in New York City on Thursday morning, September 22 (New York time).

In his speech, the President invited strategic investors in the United States to invest in the Philippines, citing the country’s “economic resurgence” following the Covid-19 pandemic.

“We invite strategic investors from the United States to take part in this Philippines economic resurgence,” he said.

“Key structural reforms have been set into place to allow for wider participation in our industries,” he added.

According to the President, economic liberalization measures like the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act expanded “the space for foreign investments in previously protected sectors,” especially those that employ advanced technologies and research and development activities.

Marcos also touted the country’s “grand opportunities, the timing, the window of opportunities” for investment, especially in capital-intensive investments in the Philippines.

President Marcos has been meeting business executives since he arrived in New York. However, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said more American investments do not mean fewer investments from China.

Meanwhile, Trade Secretary Alfredo Pascual, some American companies already in the country are willing to expand their operations.

“There are those that have already existing operations in the Philippines. And given the more favorable investment climate in the Philippines, they are now eager to expand their operations, so they’ll invest some more,” he said.