President Ferdinand “Marcos” Jr. has called on businessmen in the country to invest in education and research and development (R&D) to boost the local industries.
Speaking at an event in Pasay City on Tuesday, Marcos made the call as he noted that the country’s dependence on imported goods is making us feel the inflation.
He believes import substitution is “a good idea” not only to conserve foreign exchange reserves but also to keep the inflation rate down.
“So to aid the transition that we are talking about, I invite you to invest in key areas such as education and skills training; digitalization of processes; and research and development," he told the attendees of the 11th Arangkada Philippines Forum 2022.
Marcos said the government is committed to further boost the economic growth, with overall goals of poverty reduction and reinvigorating job creation.
He said the government does that by further easing travel and mobility restrictions, implementing economic reforms and improving economic cooperation with trade and investment partners.
The President also underscored the government's work to enhance ease of doing business and public-private partnerships and improve bureaucratic efficiency through Information and Communication Technology (ICT) development and digitalization.
"Rest assured, this government is united in ensuring that the Philippines will become a viable and sustainable destination for domestic and foreign investors," he said.