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Manila Bulletin devider Philippines devider National devider Philippines ready to be a regional manufacturing hub—Marcos

Philippines ready to be a regional manufacturing hub—Marcos

Published May 21, 2024 03:22 am

President Marcos touted the Philippines as a strategic location for investment, saying it is now ready to be a regional hub for smart and sustainable manufacturing and services.

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In his speech during the 6th Indo-Pacific Business Forum (IPBF) on Tuesday, May 21, Marcos said the Philippines can serve as a platform for companies to access the more than 600 million-strong Southeast Asian consumer market.

"The Philippines also offers a strategic location with a robust experience and record in the IT-BPM competencies and a strong direction towards upgrading Business Process Outsourcing  into Knowledge Process Outsourcing such as market intelligence, business analytics, legal services, and AI, amongst others," Marcos said.

He stressed that the country's proximity to these growing economies "can allow them to enter other supply chains and be part of inter-country economic systems, creating more opportunities for collaboration and for partnership."

He further said that national programs such as 185 infrastructure projects " contribute to our goal to be the next logistics hub in Asia."

The President also said the Philippine economy grew by 5.5 percent last year, surpassing major economies in Asia, based on the latest available data.

Marcos added that foreign direct investments (FDI) continue to flow in with four consecutive months of expansion.

"Our investment pledges have also soared, reflecting a healthy pipeline of inward FDI," he said.

The Indo-Pacific Economic Framework (IPEF) partner countries, Marcos said, play a significant role in the country's robust economic growth, contributing substantially to the Philippines' FDI and approved investments.

"Through these economic strengths, we aspire to transform the Philippine economy into a regional hub for smart and sustainable manufacturing and [services]," Marcos said.

The IPEF was launched by the United States in May 2022 with Australia, Brunei Darussalam, Fiji India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Singapore, Thailand, Vietnam, and the Philippines, according to the Office of the United States Trade Representative (USTR) website.

The IPEF partners, USTR noted, aim to contribute to cooperation, stability, prosperity, development, and peace within the region.

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