Marcos touts Philippine economic growth, investment opportunities at Indo-Pacific Business Forum
ABS-CBN News
May 21, 2024
In his speech, the Philippine leader highlighted the country’s ‘outstanding’ economic achievements, growing 5.5 percent in 2023 and surpassing major economies in Asia based on the latest available data.
“Foreign direct investments continue to flow in, with four consecutive months of expansion. Our investment pledges have also soared, reflecting a healthy pipeline of inward FDI,” Marcos said.
The President, meanwhile, noted his administration’s efforts to ‘transform the Philippine economy into a regional hub for smart and sustainable manufacturing and [services].’ These include key initiatives to spur growth in the Luzon Economic Corridor, which hosts most of the Philippines’ export manufacturing and high-technology industries.
Marcos said his administration is also committed to developing priority industries such as electronics, semiconductors and critical minerals; supporting micro, small, and medium enterprises; and embracing digital transformation through government-led initiatives to enhance the country’s digital infrastructure, connectivity, and business facilitation.
“Since the COVID-19 pandemic and other socio-political concerns exposed the vulnerabilities of supply chains, we also emphasize the need for diversification and for resilience,” Marcos Jr said.
The President also highlighted the government’s P9.5 trillion "Build Better More" infrastructure program, which he says will contribute to making the Philippines “the next logistics hub in Asia.”
“We are investing in everything from roads and railways to ports [and] airports, all intending to create a transport network that is safe, efficient, and accessible to everyone. Such are the lessons learned from the pandemic,” Marcos meanwhile said.
LEGISLATIVE REFORM
Marcos also noted the government’s commitment to legislative reforms to create a conducive business environment and attract foreign investments, through legislation such as the proposed amendments to the Corporate Recovery and Tax Incentives for Enterprises or CREATE Act, the Ease of Doing Business Act and the Green Lanes for Strategic Investments ACT.
“With CREATE More, we enhance the existing incentives by widening the range of eligible activities and providing greater flexibility in the application process. Additionally, it streamlines administrative procedures, reducing bureaucratic hurdles [and] making it easier for businesses to access these benefits,” he added.
MAHARLIKA INVESTMENT FUND
Marcos meanwhile said the establishment of the Maharlika Investment Fund “demonstrates the government’s strong commitment to strategically invest in key sectors that will accelerate national development.”
“This fund plays a vital role in financing critical infrastructure projects, stimulating economic growth, and generating long-term returns for the benefit of all Filipinos,” he said. “By mobilizing resources and attracting private capital, the Maharlika [Investment] Fund will be pivotal in our goal of creating more opportunities for future generations.”
The Philippine economy grew 5.7 percent in the first quarter of the year. Economic managers are aiming for an average growth of 6 to 7 percent for 2024.
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