MANILA -- President Ferdinand R. Marcos Jr. expressed optimism Tuesday that the Philippines could leverage on the strong presence of overseas Filipino workers (OFWs) in the Middle East to corner investments from Arab countries looking eastward for new investment destination.

During the question and answer session of the open forum at the World Economic Forum (WEF) in Switzerland, President Marcos was asked how he sees possible engagement with Gulf countries, which now consider Southeast Asia as a new location for investments.

In his response, the President said any major capital intensive investment is welcome in the Philippines right now as the country tries to grow its way out of the debt it has incurred.

According to the President, Southeast Asia needs to regain its position prior to the coronavirus pandemic, noting the region was a fast growing economy while retaining the basic elements that brought it to that point before the pandemic.

“The workforce is still workforce, still exists. It is up to us as leaders, I think, to be very careful how we direct now the development of the economy because it’s not business as usual. The pandemic changed everything,” Marcos told the forum.

“So specific to the Middle Eastern countries, we have very strong relations actually with the Middle Eastern countries,” the President pointed out.

The Philippines, Marcos said, has a very good foundation with regard to the relationship with Gulf countries because of the huge concentration of OFWs in the Middle East.

“Because in the talks that we’ve had with some of the leaders from the Middle East, the discussion always begins with the overseas Filipino workers,” Marcos said.

Trade also always comes into play especially with the Organization of Petroleum Exporting Countries (OPEC) members’ very expansive and aggressive spending plan for the next few years, the President said.

Trade becomes part of the discussion with Arab nations as the Philippines speaks about its planned sovereign wealth fund, President Marcos noted.

“Some of the examples that we’re looking at are the ones in the Middle East because they have been the ones that have been most successful,” Marcos said.

“The connections are there — we just not have — put it in that area. But I’m sure that any opportunities that we will be given… have to take full advantage of,” the President said. (PCO)