As the country walks down the path to recovery, President Ferdinand "Bongbong" Marcos Jr. has expressed his gratitude to the business sector for aiding the government in the fight against the Covid-19 pandemic, even calling the industry the "main driver to success."
Marcos said this during the 48th Philippine Business Conference and Expo at The Manila Hotel on Thursday, October 20.
In his speech, Marcos said during the pandemic, the government has been challenged by the need to balance the economy and public health, and the business sector has made the journey more bearable.
"With sure and steady steps, the government is now hard at work at recovering the many opportunities that we have lost prior to this global health crisis while, in the meantime, also navigating the waters of what we have all come to call the new normal," he said.
"In this journey, our business sector has always been recognized as an important partner and a source of new and bold ideas on how we can bounce back and prosper in the long run," he added.
According to Marcos, the business sector has always been the one that steered the country toward economic success.
"You are the nation's agents of creativity, innovation, and progress, and all of you give us hope that we will, in the not-so-distant future, not only live in a country of opportunity but also in a land of golden harvests and of plenty," he said.
"You will be the main driver of our success as we emerge from the setbacks posed by the Covid-19 pandemic, the shocks that the economy, the world economy, has suffered in the past few months," he added.
Support to businesses
President Marcos has committed to fostering a sound environment where businesses can flourish and continue to be a driver of economic growth, reiterating his vision of improving the country's business climate and elevating its status as a top investment destination through various endeavors.
"We continue to harmonize efforts of all Investment Promotion Agencies, government agencies, and local government units to effect greater synergies," he said.
"We also continue to help in the ease of doing business in the country. We are doing this by enhancing our digital infrastructure in order to streamline application processes of business permits, licenses, and other documentary requirements," he added.
Marcos said the government is committed to developing the renewable energy sector to ensure adequate power supply and alleviate electricity costs. This is by revising the Renewable Energy Law's Implementing Rules and Regulations to secure energy supply in the country and attract foreign investments for renewable energy development.
"It is necessary that we make these changes because the technology for renewable energy has moved forward so quickly that we have to catch up with our regulations, with our monitoring of our renewable energy sector," he said.
"Do know that the government is unwavering in its commitment to make the Philippines a viable option for businesses, both for local and foreign investors," he added.
Public-private partnership (PPP)
President Marcos said the government would make a stronger push toward infrastructure development with a particular emphasis on PPP in key projects.
As of August this year, there are 74 PPP projects in the pipeline, with a combined estimated cost of P2.25 trillion.
However, Marcos said there was a need to "do more," prompting him to invite the private sector to participate in "the great enterprise of building our nation."
"These are just a few of the initiatives that this Administration is pursuing to enhance the business environment allowing the business sector to maximize the contribution to the revitalization of our economy," he said.
"We will need to work together in coming up with more infrastructure projects, more energy projects, more projects for our MSMEs, more projects for agriculture, all that will empower and strengthen both our economy and our nation," he added.
Developing local markets
In his speech, President Marcos said foreign direct investment (FDI) is an essential aspect of his Administration's development plans but pointed out that the country has been missing out on the development of local markets.
"The Philippines is now 107 million in population, more or less. And that comprises a very large market that is undeveloped and with extremely, extremely good potential for strengthening and stabilizing our economy," he said.
"And that is why we have tried to foster programs and projects that will shift the contribution to GDP, not so dependent on the service side but perhaps on also the manufacturing side," he added.
According to Marcos, the government will take steps to strengthen the relationship between businesses, consumers, and the general public.
Business resolutions
Meanwhile, President Marcos thanked the Philippine Chamber of Commerce and Industry (PCCI) for supporting the government by voicing the interests and concerns of various businesses and sectors around the country.
In particular, Marcos said he appreciates the prepared resolutions the PCCI made as they embody the policy recommendations and proposed reform agenda from different sectors.
"They (resolutions) are very much in line with the government's thrust, and the government's directions that we feel will be the most advantageous for the Philippines," he said.
"I assure you that the concerned agencies will assess the feasibility and probability of success of these recommendations," he added.
The 10 business resolutions are:
- Food Security - Resolution urging the National Government to achieve food security by amending the Agrarian Reform Law to increase the land retention limit from 5 to 24 hectares, implement a debt condonation program for unpaid amortizations of Agrarian Reform Beneficiaries, and convert Certificates of Land Ownership Award (CLOAs) into fee simple titles.
- Health - Resolution urging the National Government to reform Philhealth into a science-based and transparent healthcare system and encourage PPP to implement the Universal Healthcare Law.
- Employment - Resolution urging the National Government to work with the private sector to reenergize the economy by supporting new investments to generate employment, providing assistance to pandemic-surviving MSMEs, amending all restrictive and punitive labor laws, and enacting laws that will increase productivity.
- Education - Resolution urging the National Government to amend the Philippine Qualifications Framework (PQF) Law to create a Philippine Qualifications Authority (PQA), which will establish and maintain Qualification standards for all levels of education and training.
- National Security - Resolution urging the National Government to deepen cooperation with neighboring states and expand participation in regional and multilateral defense agreements while accelerating the Modernization Program of the Armed Forces of the Philippines.
- Digitalization - Resolution urging the National Government to develop and implement a nationwide internet connectivity program that is reliable and competitive by passing the Open Access in Data Transmission Act into law.
- Environment and Climate Change - Resolution urging the National Government to address climate change and environmental protection by developing public-private partnerships (PPPs) to establish world-class water and waste management infrastructure.
- Power - Resolution urging the National Government to accelerate the integration of the Luzon, Visayas, and Mindanao grids to enable the free flow of electricity nationwide and for the DOE to amend the Implementing Rules and Regulations (IRR) of the Renewable Energy Act to allow 100 percent foreign investment in solar and wind projects.
- Transportation - Resolution urging the National Government to provide world-class integrated transport systems and decouple the regulatory and commercial functions of the Philippine Ports Authority (PPA) and other similarly situated transport agencies.
- International Trade - Resolution urging the National Government to hasten the ratification of the Regional Comprehensive Economic Partnership (RCEP) and to join bilateral free trade agreements and trans-pacific partnerships to minimize barriers to the free flow of goods and services.
President Marcos said that with these partnerships, deals, and policies, the world would notice the Philippines.
"After today, once deals have been closed, policies have been agreed upon, and bonds have been renewed, forged, all of us can proudly tell the world: The Philippines is indeed open and ready for business again," he said.