Philippines eyes trade boost at 43rd Asean summit

MANILA, Philippines–The 43rd Asean Summit in Jakarta is a pivotal platform for President Ferdinand Marcos Jr. to enhance trade and investment ties between the Philippines and other Asean nations, said Speaker Ferdinand Martin G. Romualdez on Wednesday.

“The Asean summit provides an excellent venue for President Marcos to showcase the distinct advantages the Philippines has as a trade and investment hub so as to create more jobs and business opportunities for the Filipino people,” said Romualdez.

He brought to light several legislative reforms which include the amendment to the Public Service Act, Foreign Investment Act, and the Retail Trade Liberalization Act. These reforms aim to widen the Philippines’ doors for foreign investments.

Furthermore, the Corporate Recovery and Tax Incentives for Enterprises Act has been designed to present enticing incentives for potential investors.

Romualdez said that the region’s projected growth rate of 4.9 percent in 2024 indicates the steady growth of intra-Asean trade as well as the arrival of foreign direct investments.

“The steady recovery of the region from the pandemic and its improving macro-economic fundamentals amid geo-political headwinds makes Asean a favored destination of foreign investments and the Philippines can capitalize on this trend for the benefit of our people,” he said.

The Jakarta summit, while majorly focusing on the 43rd Asean meeting, will also comprise related dialogues featuring Asean’s global partners, including countries like the United States, China, Canada, Japan, South Korea, and organizations such as the United Nations.

Romualdez highlighted that on the sidelines of the summit, Marcos is slated for bilateral meetings with other global leaders in attendance, along with discussions with prominent business magnates from Indonesia.

“These engagements are important venues for the President to also promote our national interest,” he said.

Prior to his departure, Marcos emphasized the significance of promoting a rules-based international order, which encompasses issues related to the South China Sea.

Marcos also plans to raise concerns inherent to the Philippines, which include fortifying food security, championing climate justice, unleashing the potential of the digital and creative sectors, safeguarding migrant workers, especially in times of crises, and intensifying efforts to battle human trafficking.