MANILA – President Ferdinand R. Marcos Jr. highlighted the “exciting new phase” in the Philippine economy during his address to foreign business leaders, inviting them to consider investing in the country.
Speaking to global business leaders and decision-makers attending the World Economic Forum (WEF) Country Roundtable on the Philippines in Manila, Marcos underscored the remarkable growth of the Philippine economy in 2023 “despite significant challenges.”
“In 2023, the Philippines capped the year off with the highest GDP (gross domestic product) growth in all of ASEAN, including China – meeting or even exceeding the expectations of major multilateral organizations such as the IMF, ASEAN+3 Macroeconomic Research Office and World Bank…. It comes as no surprise that investments, particularly in durable equipment and public construction, emerged as a key driver of our full-year growth,” he said.
Marcos proceeded to highlight the administration’s 185 flagship infrastructure projects, which total over PHP9 trillion or approximately $163 billion. These projects aim to address crucial sectors such as sustainable development, physical and digital connectivity, agriculture, energy, health, and climate-resilient infrastructure.
“As of today, more than half of these projects are either already ongoing or approved for implementation, while around a quarter are seen to be financed through the public-private partnership (PPP) mechanism,” he added.
Marcos also highlighted key regulatory reforms implemented by the government to create “a stable and enabling environment” for public-private partnership (PPP) investments. These reforms include revisions to the Build-Operate-Transfer Law, the signing of the landmark PPP Code, and various economic liberalization measures such as the establishment of Green Lanes for Strategic Investments, the Corporate Recovery and Tax Incentives for Enterprises (CREATE ACT), and the Maharlika Investment Fund.
The Chief Executive concluded his message by extending an invitation to WEF participants to join one of the world’s fastest-growing economies. He emphasized that the Philippines is entering a sustained period of robust economic expansion in the coming years and encouraged forging new and stronger partnerships with both the public and private sectors.
“Clearly, the Philippines is in a prime position to enter into a sustained period of robust economic expansion over the next couple of years,” Marcos said.
“I extend an invitation to our partners and guests who are here today, to join us in this exciting new phase,” he added.
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Meanwhile, WEF President Børge Brende noted that Marcos’ participation in the annual WEF meeting in Switzerland in January of the previous year generated significant interest and optimism in the Philippines. He mentioned that numerous companies expressed a desire to learn more about the country’s investment prospects.
“There is a lot of optimism in the Philippines but also around the Philippines globally. We had a dialogue there and it was very, very well-received and a lot of companies that are partners with the World Economic Forum said that they would like to have a roundtable, to meet with the Filipino secretaries, [and] also to meet with President Marcos,” Brende said in a press conference in Malacañang.
According to Brende, the Philippines has the potential to maintain its optimistic outlook if it continues with its current policy reforms, enhances infrastructure development, and invests in renewable energy and other key areas.
“I think that this can be in the coming decade, USD2 trillion economy if there are foreign investments in education, in infrastructure, and also able to draw on the great [competence] of the people of the Philippines,” he said.
In another development, the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) commended the efforts of the Marcos government in promoting the country to foreign investors.
“I have been with the President in his two trips abroad China and Malaysia. The President is working hard to promote the Philippines and he is inviting investors to come in,” FFCCCII president Dr. Cecilio Pedro said in a media forum in Manila on Tuesday.
“‘Yan ang legacy na gusto nya ma-establish (That’s the legacy he wanted to establish) over his term — to bring in more people to help this country move forward and I give it to him,” he added.
He remarked that the President’s foreign trips are beneficial for the country as they attract more foreign investors, leading to the creation of additional jobs.
“How many Presidents are traveling like him? Everywhere he goes, he brings in investments,” Pedro said.
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