ASEAN BUSINESS SUMMIT. President Ferdinand R. Marcos Jr. invites investors from Southeast Asia to explore business opportunities in the Philippines, during the ASEAN Business and Investment Summit (ABIS) 2024 in Vientiane, Laos on Wednesday (Oct. 9, 2024). Marcos said the Philippines is an ideal hub for smart and sustainable manufacturing, citing the government’s key policy reforms and its aggressive development in infrastructure, manufacturing, agriculture and digital connectivity. (PCO photo)
MANILA – House of Representatives Speaker Ferdinand Martin Romualdez on Thursday expressed strong optimism for increased foreign investments in the Philippines after President Ferdinand R. Marcos Jr.’s compelling presentation of the country as an ideal investment destination.
In his address before the Association of Southeast Asian Nations (ASEAN) Business and Investment Summit in Laos on Wednesday, Marcos outlined the Philippines’ strategic position as a growing economy in Southeast Asia, offering a wide range of opportunities in various sectors, such as manufacturing, infrastructure, technology, and sustainable energy.
Romualdez said the President’s engagement with the ASEAN business community would likely lead to a surge in foreign direct investments (FDI) that could further strengthen the country’s economic trajectory.
“Foreign investors are now looking at the Philippines with fresh eyes, especially given our efforts to improve infrastructure, digitalization, and ease of doing business,” he said in a statement.
He said more foreign investments would spur the creation of decent-paying jobs for Filipinos, open opportunities for local businesses, and generate additional revenues to fund key programs on education, infrastructure, and agriculture, among others.
“These investments will bring in capital that will drive new projects, create thousands of jobs for Filipinos, and spur economic growth across multiple industries. From manufacturing to IT services and tourism, we foresee major boosts in both local enterprises and the labor market,” Romualdez said.
He also highlighted how foreign investments could also lead to the transfer of technology and skills, benefitting Filipino workers and entrepreneurs.
“Our people stand to gain from the innovation and expertise brought in by global companies. This will not only enhance our workforce’s competitiveness but also provide Filipino businesses with access to international markets and cutting-edge technologies,” he said.
Romualdez noted that the President’s active participation in the 44th and 45th ASEAN Summits reinforced the Philippines’ commitment to fostering strong economic ties within ASEAN and beyond, which aligns with the government’s goal to position the country as a central hub for commerce and innovation in the region.
“The President’s presentation at the ASEAN Business and Investment Summit sends a clear signal that the Philippines is open and ready for business. His emphasis on the country’s competitive advantages has positioned us at the forefront of investment opportunities in the region,” he said.
“We are confident that the results of his pitch will be seen soon as businesses respond to the opportunities that our country offers.”
Romualdez said the House stands in full support of the legislative agenda of the Marcos administration to further enhance the country’s investment climate.
“We remain committed to working with President Marcos’s administration’s initiatives to provide a more conducive environment for foreign investments as part of the broader goal of achieving inclusive and sustainable economic development for the Filipino people,” he said. (PNA)
