BIZ ENVIRONMENT. President Ferdinand R. Marcos Jr. speaks at the Philippines-Korea Business Forum at the Manila Hotel on Monday (Oct. 7, 2024). President Marcos told the South Korean business leaders that this is “opportune time” to invest in the Philippines. (Screengrab from RTVM)
MANILA – Investing in the Philippines in this “opportune time” is a “fine, strategic move,” President Ferdinand R. Marcos Jr. told South Korean businesses on Monday as he touted his administration’s reforms in making a conducive and competitive business environment.
Speaking at the Philippines-Korea Business Forum at the Manila Hotel, Marcos cited the country’s strong economic performance in wooing Korean investors.
“Investing in the Philippines at this opportune time is a fine, strategic move,” Marcos said before Filipino and Korean business leaders.
President Marcos said the Philippines experienced remarkable growth in the first half of the year, making it one of the fastest-growing economies in the region.
He said Foreign Direct Investment also remains strong, with net inflows of almost US$9 billion (PHP511 billion) last year.
These achievements, President Marcos said, reflect the country’s success in implementing business-friendly reforms, especially in dismantling bureaucratic barriers, lowering the cost of doing business, and enhancing our global competitiveness.
“To our esteemed Korean partners, I want to assure you, the Philippine government stands ready to embrace your investments with open arms and with a continuing and unwavering support,” Marcos said.
“We are continuously finding ways to make the Philippines a more conducive place to do business. We are accelerating policy reforms designed to improve the business environment,” he added.
The Chief Executive also cited the enactment of several game-changing measures, such as the Public Private Partnership Code of the Philippines, the Internal Transactions Act, and the Tatak Pinoy Act, as well as the upcoming congressional action on the pending Corporate Recovery and Tax Incentives for Enterprises.
“Through key policy reforms and measures such as these, we aim to make the Philippines a top destination for sustainability and to be sustainable in our strategic investments,” he said.
Visiting South Korean President Yoon Suk Yeol also graced the event as part of his two-day state visit to Manila upon the invitation of Marcos.
During their meeting in Malacañang, the two leaders witnessed the exchange of six key agreements and agreed to elevate the Philippines-Korea ties to a “strategic partnership.” (PNA)
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