President Marcos said the Philippines is enhancing its regional economic integration agenda as he wooed Australian businesses to invest in the country by highlighting investor-friendly reforms and a robust and resilient economy.

Marcos said this during the Philippine Business Forum in Melbourne on the sidelines of the Association of Southeast Asian Nations (ASEAN)-Australia Special Summit on Monday, March 4.

In his speech, the President thanked Australian business leaders for their continued trust, confidence, and interest in the Philippines.

"Through this visit, we are sending a clear message that the Philippines is enhancing our regional economic integration agenda in several aspects," he said.

He added that the event was a celebration of the "robustness and resilience" of the Philippine economy.

"We take pride in being an ideal destination for complementation in both manufacturing and services," Marcos said.

According to President Marcos, the Philippines is keen on exploring new avenues of cooperation and fostering mutually beneficial partnerships that are not only commercially meaningful but also have a social effect.

"I invite esteemed Australian businesses to consider the Philippines as a reliable partner that can support your expansion and operations," he said.

"Together, with you as our strategic partner, we can make investments happen in the Philippines," he added.

Favorable business environment

President Marcos assured Australian business leaders that the Philippines is steadfast in its commitment to purposeful reforms, which are evident in key legislative amendments.

He particularly mentioned the amendments made to the Public Service Act, the Foreign Investments Act, the Retail Trade Liberalization Act, the CREATE Act, the Renewable Energy Act, and the newly signed Tatak Pinoy (Proudly Filipino) Act.

"They (reforms) all mark a new era for strategic investments coupled with streamlined businesses, infrastructure development, and the comprehensive tax reform program, these reforms positioned the Philippines as one of the fastest-growing economies in Asia," Marcos said.

"We continue to accelerate and deepen policy reforms to improve the environment where businesses, such as yours, will continue to thrive," he added.

According to Marcos, the reforms were made after listening to the inputs of foreign investors.

"We have used as a guide the inputs that we have received from potential and present investors in the Philippines in terms of the ease of doing business, modifying the tax structure, and making it a more attractive investment destination," he said.

The Philippine Business Forum showcases the strength of the Philippine economy to potential Australian investors and encourages two-way trade and investments between Australia and the Philippines.

It likewise allows the Philippine business delegation to establish new contacts and facilitate partnerships in the Australian market.

The event is organized by the Department of Trade and Industry (DTI) in partnership with the Australia-Philippine Business Council (APBC), the Philippines-Australia Business Council (PABC), and the Australia-New Zealand Business Chamber (ANZCHAM).