ASEAN BUSINESS SUMMIT. President Ferdinand Marcos Jr. invites investors from Southeast Asia to explore business opportunities in the Philippines during the Asean Business and Investment Summit (ABIS) 2024 in Vientiane, Laos on Wednesday, Oct. 9, 2024. Marcos said the Philippines is an ideal hub for smart and sustainable manufacturing, citing the government’s key policy reforms and its aggressive development in infrastructure, manufacturing, agriculture and digital connectivity. | PHOTO: Official Facebook page of PCO
MANILA, Philippines — President Ferdinand Marcos Jr. has invited investors from Southeast Asia to explore business opportunities in the Philippines that span across multiple industries.
Speaking before the Asean Business and Investment Summit on Wednesday in Laos, Marcos made the pitch for the Philippines as an ideal hub for smart and sustainable manufacturing.
He cited the Philippines’ key policy reforms and its aggressive development in infrastructure, manufacturing, agriculture, and digital connectivity.
“So, let me put on my salesman’s hat and invite you to explore the investment opportunities we offer. We are targeting industries like green metals, battery manufacturing, energy equipment, data centers, and agribusiness,” Marcos said.
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To support these goals, the President said his administration enacted key reforms such as the Public-Private Partnership (PPP) Code, the Internet Transactions Act, and Executive Order 18, series of 2023.
It is also pursuing the enactment of other key legislations like the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy, or the CREATE MORE Act, which is anchored on the CREATE Act of 2021 to further strengthen fiscal and non-fiscal incentives in strategic industries, he said.
The Philippine manufacturing sector continues to flourish despite global challenges, Marcos said, citing indicators such as the sustained Purchasing Managers’ Index growth proving that, with a strong foundation, industries can flourish even in uncertain times.
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The President also mentioned the chemicals industry as one of the largest sub-sectors in the manufacturing industry, a major pillar supporting various sectors like agriculture, automotive, cement, creative, construction, energy, health, and pharmaceutical.
“We look at this as a major contributor to economic growth and job generation in the foreseeable future,” Marcos said.
The Asean Business and Investment Summit is a major regional annual gathering that brings together world leaders, Asean representatives, and other relevant stakeholders to discuss the pressing issues in the region.
It also explores ways to ensure equal and sustainable distribution of the benefits of Asean’s thriving economy.
Marcos is in Laos to take part in the 44th and 45th Asean Summit and Related Summits. (PNA)