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Manila Bulletin devider Philippines devider National devider Private Sector leaders back Marcos' pro-investment stand in fostering economic growth

Private Sector leaders back Marcos' pro-investment stand in fostering economic growth

Published Mar 21, 2024 07:18 am

At A Glance

  • The PSAC lauded the President's emphasis on directing investments toward sectors that not only yield profitability but also contribute significantly to the growth and development of the Philippine economy.

The Private Sector Advisory Council (PSAC) has expressed its full support to President Marcos for his visionary approach to fostering economic growth, particularly his commitment to attracting investments, enhancing the skills of Filipino workers, and embracing new technologies.

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Sabin Aboitiz, Lead Convenor of the Private Sector Advisory Council, applauds President Marcos's economic vision at the World Economic Forum, emphasizing collaboration for sustainable growth. (photo from RTVM)

The PSAC said this following Marcos' keynote speech at the World Economic Forum (WEF) on East Asia in Malacañan on Tuesday, March 19.

In a statement, the group said Marcos' remarks at the WEF reflect a strategic direction that resonates deeply with the private sector.

“I commend President Marcos Jr.'s forward-thinking approach to economic development, as outlined during the World Economic Forum on East Asia," PSAC strategic lead convenor and Aboitiz Group president and CEO Sabin Aboitiz said.

"His focus on attracting investments, upskilling Filipino workers, and embracing new technologies reflects a strategic vision that resonates with the private sector's objectives,” he added.

In his remarks at the forum, Marcos underscored the importance of strategic investment partnerships between the private and public sectors.

The PSAC lauded the President's emphasis on directing investments toward sectors that not only yield profitability but also contribute significantly to the growth and development of the Philippine economy.

"As advocates for sustainable economic progress, we believe that targeted capital investment in emerging sectors such as the digital space, new technologies, and green industries will drive innovation and competitiveness," Aboitiz said.

“PSAC will continue to collaborate with the government in driving sustainable growth and prosperity for the Philippines," he added.

The PSAC also commended Marcos' focus on re-skilling and upskilling the Filipino workforce to meet the demands of the evolving economy.

"By prioritizing training programs and technology transfer initiatives, the government aims to empower workers with the specialized skills necessary to thrive in the global labor market," the group said.

"PSAC recognizes the crucial role of skilled labor in driving economic prosperity and supports initiatives aimed at enhancing the employability and productivity of Filipino workers," it added.

As the Philippines assumes its role as the strongest-performing Southeast Asian economy in 2024, the PSAC renewed its commitment to collaborating with the government in implementing policies and initiatives that promote investment, innovation, and inclusive economic progress.

"Together, we will work towards realizing the full potential of the Philippine economy and ensuring a brighter future for all Filipinos," it said.

The PSAC has been established to create and strengthen innovative collaboration between the private and public sectors. It comprises business leaders and experts across six main sectoral groups — agriculture, digital infrastructure, jobs, healthcare, Build-Build-Build, and tourism.

Related Tags

Bongbong Marcos PRIVATE SECTOR ADVISORY COUNCIL Sabin Aboitiz World Economic Forum (WEF) President Marcos
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