Private sector initiative vital to economic growth --- PBBM

President Ferdinand "Bongbong" Marcos Jr. vowed to support the private sector in their endeavors, saying the government could not do many things without its support.

President 'Bongbong' Marcos Jr., Aboitiz President and CEO Sabin Aboitiz, International Container Terminal Services Chairman Enrique Razon, and Ayala Group CEO Jaime Zobel de Ayala (Bongbong Marcos/YouTube screenshot)

Marcos said this after seven of the country's biggest business leaders flew to Davos, Switzerland, last week to express support for his inaugural participation in the World Economic Forum (WEF).

In his vlog, the President noted that the country has been performing well in its venture to overcome the pandemic through the Philippine Development Plan (PDP) 2023-2028.

The PDP aims to reinvigorate job creation and accelerate poverty reduction by steering the Philippine economy back to its high-growth trajectory and effect economic and social transformation for a prosperous, inclusive, and resilient society.

Marcos said a part of the PDP is the government's cooperation with the private sector.

According to the President, he was glad that seven of the country's most prominent business tycoons joined him on his trip to Davos last week.

"Full force and suporta nila sa ating mga ginagawa, ng pamahalaan, at vice versa (They're showing full support for our projects, the government, and vice versa)," Marcos said.

He added that a lot of things would not be possible without the help of the private sector.

"Napakaraming bagay na hindi natin pwedeng magawa kung wala ang pribadong sektor kaya buo rin ang ating suporta sa kanila (There are a lot of things we cannot do without the private sector that's why we express our full support to them)," Marcos said.

The seven Filipino business tycoons who joined Marcos in Switzerland last week were:

  1. Sabin Aboitiz (Aboitiz)
  2. Kevin Andrew Tan (Alliance Global)
  3. Jaime Zobel de Ayala (Ayala Group)
  4. Lance Gokongwei (JG Summit Holdings)
  5. Ramon Ang (San Miguel Corp.)
  6. Teresita Sy-Coson (SM Investments)
  7. Enrique Razon (International Container Terminal)

During the trip, at least nine companies expressed their desire to invest or expand their operations in the Philippines, including US-based Morgan Stanley and Dubai-based DP World.