MANILA -- President Ferdinand R. Marcos Jr. on Wednesday praised the Filipino labor force as the country's greatest advantage as he assured European businessmen of his administration's continued support for the ease of doing business and improving the country's business climate.
"The Filipino workforce is our greatest advantage. We have a sizeable population of 107 million Filipinos and our labor force presently stands at 50 million," the President said during the Philippines-European Union (EU) Business Roundtable in Brussels, Belgium.
The Philippines produces 800,000 annual graduates across several disciplines, according to the President as he noted that the majority of them are in business administration, education science and teacher training, engineering and technology, information technology-related disciplines, as well as medical and allied courses.
Marcos said the Philippine population's median age is 25 years old and more than 60 percent of the labor force of 49 million are of working age.
"Apart from the young, the Philippine workforce is distinguished by high trainability... proficiency in English language, technological skill, cost-efficiency, cultural adaptability and a low turn-over or attrition rate," Marcos pointed out.
Apart from a domestic market and consumer base of 107 million people, the Philippines offers access to the Association of Southeast Asian Nations (ASEAN) market, which has a population of about 600 million and access to key markets through Free Trade Agreements (FTA) and Generalized System of Preference (GSP), such as with the United Kingdom and Canada.
In his speech, the President reiterated the country's commitment to maintaining its EU GSP+ beneficiary status, serving as a stepping-stone towards a PH-EU Free Trade Agreement.
President Marcos told businessmen that the government is currently working on an Executive Order on the Creation of Green Lanes, which seeks to mandate concerned offices to establish a Green Lane to expedite and streamline processes, such as the issuance of permits and licenses, as well as the resolution of issues in strategic investments.
The measure requires government agencies and local government units to process, in the case of a simple transaction, a permit or license application in a period no longer than three working days, while in the case of highly technical transactions, 20 days from the date of receipt.
Economy poised for growth
The President stated in his speech that the Philippines is open for business and that his administration is working towards ensuring sound macroeconomic fundamentals by improving bureaucratic efficiency, ensuring sound fiscal management, creating more jobs by promoting investments, improving infrastructure and ensuring energy security, among other things.
The President also mentioned in his speech the achievements of the country in terms of economic growth, foreign direct investment (FDI) net inflows, investment approvals, manufacturing productivity and merchandise exports, among others.
President Marcos further noted that the country is an ideal regional hub for sustainable and innovation-driven manufacturing and services, as well as for clean technology and renewable energy sources.
The President said the country is endowed with rich natural resources to host Europe's key sectors.
In his speech, President Marcos cited the presence of Philippine companies in Europe, expressing hope to see more of these companies in the future as Europe continues to enhance its regulatory regime to remain open, transparent and business-friendly.
"I would like to assure you that the Philippine Government will continue to provide support for businesses and investments to continuously grow and prosper," Marcos said. (PND)
