MANILA -- President Ferdinand “Bongbong” Marcos Jr. on Wednesday invited foreign businesses to put their investments in the Philippines, describing the country as “Asia’s fastest rising star.”

Speaking during the Philippine Economic Briefing at the Shangri-La Hotel, Marcos encouraged businesses to seize the opportunities in the country, as it welcomes the future with optimism grounded on a favorable investment policy environment, sound macro-economic fundamentals, and a strong and decisive economic team.

“We are presently on a steady path to a strong recovery from the pandemic and a robust economic expansion. In the next few years, our economy is expected to outperform our regional peers,” he told the participants of the gathering led by the Bangko Sentral ng Pilipinas (BSP) and Department of Finance (DOF).

“My administration is committed to establishing an even more competitive business climate conducive to high-value investments.”

The government is inviting strategic investors from the international community to take part in the Philippines’ economic resurgence, he said.

He also stressed that his administration will change the game through structural reforms to allow for wider participation in the country’s industries.

With the Corporate Recovery and Tax Incentives for Enterprises Act or CREATE, and the economic liberalization measures, the President pointed out that the government has expanded the space for foreign investments in joint venture opportunities for industry players employing cutting-edge technologies.

“The presentations of the economic team today will paint a clearer picture of what you can expect in the next six years. The Philippines welcomes your investments and looks forward to forging even stronger ties with the Singaporean business community,” Marcos said.

8-point economic agenda

The President also told the participants that his government is implementing an eight-point socio-economic agenda that underscores its commitment through broad-based job creation, expansion of digital infrastructure, and promotion of research and development in the country.

He expects to reduce poverty sharply and upgrade the country to upper middle-income status through this strategy.

At the same time, he said his government is pursuing the country’s first-ever medium-term fiscal framework, which will widen its fiscal space to allow for continued investments in public infrastructure and human capital development.

High investments in public infrastructure will be expanded by leveraging the government’s public-private partnerships mechanisms, he said.

He likewise vowed to improve interconnectivity by fast-tracking the development of railways systems, modernizing airports and seaports, and enhancing road infrastructure.

As a critical driver of the economy, the administration will also focus on agriculture, he said, believing an efficient and modern agriculture sector will ensure food security and reduce poverty incidence.

“We will also reinvigorate the tourism sector through massive investments in travel infrastructure and the promotion of the Filipino brand around the world,” he added. (PND)