SINGAPORE — Intending to speed up the country’s post-pandemic recovery, President Marcos invited Singaporean business leaders to look to the Philippines and consider investing in Asia’s “fastest-rising star.”
Marcos said this during the Philippine economic briefing here on Wednesday, September 7.
In his opening speech, Marcos thanked the guests at the event for showing their interest in the Philippines and said that the country hopes to build a better relationship with Singapore.
“The Philippines welcomes your investments and looks forward to forging even stronger ties with the Singapore business community,” he said.
“Thank you once again for your interest in the Philippines,” he added.
According to Marcos, the Philippines is Asia’s “fastest rising star” and is expected to outperform its regional peers.
He said the next six years under his administration will be built on a favorable investment policy environment, strong macroeconomic fundamentals, and a strong and decisive economic team.
“We are currently on a steady path toward a strong recovery from the pandemic and a robust economic expansion,” the president said.
“My administration is committed to establishing an even more competitive business climate conducive to high-value investments. More investment translates into more economic activity, more jobs, and a better life for all Filipinos,” she added.
8-point socioeconomic agenda
President Marcos shared with potential investors his administration’s 8-point Socioeconomic Agenda that underscores commitment through broad-based job creation, expansion of digital infrastructure, and promotion of research and development across the country. :
- Food safety
- improved transportation
- Affordable and clean energy
- Health care
- Social services
- bureaucratic efficiency
- Good tax management
“This strategy will allow us to drastically reduce poverty and elevate the country to upper-middle income status,” he said.
To achieve this, Marcos said the government would exercise fiscal prudence by implementing the Philippines’ first Medium-Term Fiscal Framework (MTFF), which will expand the country’s fiscal space to allow for continued investments in public infrastructure and human capital development.
“We will expand our high investments and public infrastructure taking advantage of our mechanisms of public-private alliances. We will improve interconnectivity through transportation development,” he said.
“We will accelerate the development of our railway systems, modernize our airports and seaports, and improve our highways and infrastructure,” he added.
Furthermore, President Marcos said that the Philippines would focus on agriculture as it is a fundamental engine of the economy and a strong engine of growth.
“An efficient and modern agricultural sector will ensure food security and reduce the incidence of poverty,” he said.
Marcos added that his administration would revitalize the tourism sector through massive investments and travel infrastructure and the promotion of the Philippine brand throughout the world.
changing the game
According to Marcos, his administration will change the game through structural reforms that allow greater participation in the country’s industries and, indeed, its economic resurgence.
He said that with the Corporate Recovery and Tax Incentives for Businesses Act (CREATE) and economic liberalization measures, “we have expanded the space for foreign investment in joint venture opportunities for industry players employing cutting-edge technologies.”
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