MANILA -- President Ferdinand R. Marcos made a commitment to the business community Thursday to foster a sound environment where it can flourish, recognizing its role as a driver of economic growth as the country emerges from the setbacks posed by the COVID-19 pandemic.

“We recognize the fact that our businesses cannot thrive alone. Thus, it is my commitment to foster a sound environment where businesses can flourish and continue to be a driver of our economic growth,” Marcos told the 48th Philippine
Business Conference and Exposition (PBC&E) of the Philippine Chamber of Commerce and Industry (PCCI) at the Manila Hotel.

“I reiterate my vision of improving our business climate and elevating the status of the Philippines as a top investment destination through various endeavors,” Marcos said.

To realize its goals, the President said the government will continue to harmonize efforts of all investment promotion agencies, government agencies, and local government units (LGUs) to effect greater synergies.

The administration, he said, will also continue to ease doing business in the country by enhancing digital infrastructure aimed at streamlining the application processes for business permits, licenses, and other requirements.

Adequate power supply, infra push

In addition, the chief executive committed to developing the country’s renewable energy sector to ensure adequate power supply and stabilize electricity costs.

This will be done by revising the Renewable Energy Law’s Implementing Rules and Regulations to secure energy supply, as well as attract foreign investments for renewable energy development.

At the same time, the government will also strongly push infrastructure development with special emphasis on Public-Private Partnerships (PPPs) in key projects.

The President reported that as of August this year, the government recorded a total of 74 PPP projects in the pipeline, with a combined estimated cost of P2.25 trillion.

“But we must do more because we need more. I thus invite all of you to take part in the great enterprise of building our nation,” Marcos said.

Marcos stressed that public and private sectors must work together in coming up with more infrastructure and energy projects as well as “more projects for agriculture, all that will empower and strengthen both our economy and our nation.” (PND)