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Manila Bulletin devider Philippines devider National devider Marcos invites foreign firms to invest in the Philippines amid its economic expansion

Marcos invites foreign firms to invest in the Philippines amid its economic expansion

Published Mar 19, 2024 11:46 am

President Marcos has invited for foreign investors to join the Philippines in its "exciting new phase" towards economic expansion.

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President Ferdinand 'Bongbong' Marcos Jr. (RTVM Screenshot)

As he made known the steps the country has taken in terms of its economic growth, Marcos said there are many opportunities "lying in wait here in one of the fastest-growing economies in this part of the world."

"Clearly, the Philippines is in a prime position to enter into a sustained period of robust economic expansion over the next couple of years," Marcos said in his speech at the World Economic Forum (WEF) country roundtable on Tuesday, March 19.

"I extend an invitation to our guests and partners here today to join us in this exciting new phase. The members of economic team are here today ready to discuss those opportunities that I speak of in greater depth," he added.

The President highlighted that the country's economy "shines as the brightest spot in the fastest-growing region in the world," citing that in 2023, the Philippines capped the year off with the highest GDP growth in all of Association of Southeast Asian Nations (ASEAN), including China.

"From the moment I took office, it was abundantly clear to me that securing investment-led growth required the right policy thrusts and priorities," he said.

"In response, we quickly formulated a vigorous plan for boosting infrastructure development that featured cross-cutting strategies for enhanced efficiency to reduce operational costs and to avoid costly delays," he added.

Marcos cited the administration's 185 Infrastructure Flagship Projects worth over P9 trillion, which, he said, offer high rates of return and strategically target important sectors for sustainable development, such as physical and digital connectivity, agriculture, energy, health, and climate-resilient infrastructure.

He also mentioned the government's move to revise the Build-Operate- and Transfer Law Implementing Rules and Regulations to provide an "enabling environment" for private-public partnership (PPP) investments.

"At the same time, we are actively focusing our policies on galvanizing foreign investments to generate a broadly beneficial investment boom. Our economic liberalization measures signal the dawn of a new era for investments here in the Philippines," he said.

The Chief Executive stated that international firms are welcome to invest in a wider range of high-impact sectors, form joint ventures with Filipinos, or even fully own domestic enterprises and select renewable energy projects.

"Our economic liberalization measures signal the dawn of a new era for investments here in the Philippines," he said, adding that the country aims to "cover every front at every point of your investment journey."

Marcos also talked about the establishment of the country's first investment fund, Maharlika Investment Fund, designed to serve as a magnet for equity financing from abroad and a vehicle for driving long-term growth without compromising efforts towards fiscal consolidation.

He added that the country is also actively fortifying trade and economic ties across the region to promote inclusive cooperation in a time of geoeconomic fragmentation.

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