President Ferdinand "Bongbong" Marcos Jr. believes that it is time for the Philippines to develop its manufacturing abilities.
Marcos said that favoring the export-oriented industries is "valid". However, he also pointed out that it's high time that the country build up its manufacturing sector.
"I think that with 107 million Filipinos, it (manufacturing) is a sufficient market to develop. We always talk about import substitution. And we try to favor those industries that are export-oriented and that’s valid," the President said during the 11th Arangkada Philippines forum on Tuesday, Dec. 6.
"But I think it is also time to look inwards into the domestic market here and develop our manufacturing capabilities. Develop those markets, the local markets, and for that, we need the private sector to come in," he added.
Marcos said he is hoping that it will be something that will be a driver for the country's economy in the next few years.
"As when we talk about manufacturing, we are talking about capital-intensive investments. And that is something we are hoping will be again a driver for our economy in the next few years," he said.
According to the chief executive, the ease of doing business is among the efforts the government is making in order to complement the goal to develop the country's manufacturing sector.
"On our part in the government, we have listened to the Chambers of Commerce. About -- what are the difficulties that you have been facing? And I think that we can enumerate them very quickly. The ease of doing business, number one," he said.