JAKARTA, Indonesia — President Ferdinand R. Marcos Jr. highlighted on Tuesday the importance of a stronger partnership among Southeast Asian nations as the region recovers from the effects of the Covid-19 pandemic.

In his intervention during the Association of Southeast Asian Nations-Business Advisory Council (ASEAN-BAC) here on Tuesday, Sept. 5, the President particularly pushed for increased tie-ups in agriculture, energy, digitalization, and supply chain.

“I cannot say now how happy I am to be able to have met with you, some of you again, and to have this opportunity so that we can hopefully explore many areas that we have really not spoken about before but are particularly relevant when it comes to partnerships between our two countries both in the private and the public sectors,” he said during the roundtable of the ASEAN-BAC with invited CEOs.

“We have adopted a policy of a very close coordination and cooperation with the private sector and that I think is also the element that will add to the possibilities to excel," he added.

Enhanced cooperation through RCEP

Marcos said the Philippines is keen on fostering deeper economic ties with ASEAN partner countries through the ratification of the Regional Comprehensive Economic Partnership (RCEP), which he claimed would sustain the momentum of ASEAN's growth and post-pandemic recovery.

"It is a catalyst that is seen to bring in even more collaboration amongst ASEAN member states," he said, noting that the RCEP entered into force in the Philippines on June 2.

"We are positive that RCEP will further deepen economic integration and significantly contribute to the economic growth of the region," he added.

According to the President, the Philippines, through the Department of Trade and Industry, is intensifying efforts to increase awareness and fully utilize the benefits of the said Agreement, like the Philippine Export Development Plan (PEDP) 2023-2028 which was launched on June 15, and the RCEP campaign during the International Trade Forum.

Post-pandemic reforms

Marcos shared with the business leaders the reforms the Philippines has undertaken to make the country more conducive to business growth, especially when the Philippines is still recovering from the Covid-19 pandemic.

He mentioned the country's move to amend the Public Service Act, which now allows foreign firms to own 100 percent of corporations involved in the production of renewable energy.

He also noted the Foreign Investments Act which now allows qualified non-Philippine nationals to do business in the country or invest in a domestic enterprise up to 100 percent of its capital.

"These legislative amendments will further open up the economy to foreign investments
and thereby hasten the country’s growth through the entry of more foreign direct investments," Marcos said.

"We are optimistic that we can develop globally competitive and innovative industries
that support inclusive and sustainable growth," he added.

Agriculture

Meanwhile, President Marcos said the agriculture situation in the regions has been exacerbated by the looming El Niño phenomenon. He noted that the Philippines have taken some emergency measures like the imposition of a ceiling on the price of rice.

Marcos also mentioned the Avian flu and the swine flu the region suffering from now. But he said he was looking forward to the news that the vaccines for the livestock are slowly going to become available.

Other areas of cooperation

According to Marcos, the Philippines is continuing its infrastructure buildup which is the most important and absolutely critical in any developing country.

“Of course, digitalization is given. We all have… that you will be working and to make things better, to be more productive — the key is always to make people more productive, make our economic activities more productive,” he added.