NextGen Day

On Thursday, the Philippines and Cambodia decided to expand their cooperation in low-cost housing, digitization, and other areas in an effort to hasten the post-pandemic economic recovery.

President Ferdinand R. Marcos Jr. praised the country’s improving investment climate after gradually relaxing Covid-19 pandemic restrictions during the roundtable meeting with Cambodian business executives in Phnom Penh.

He emphasized the necessity of digitization to promote commercial convenience, particularly in tackling bureaucratic red tape.

“Things will be much, much easier once we can digitalize and digitize our operations, the bureaucracy, the federal government, and the local government,” he stated.

Additionally, Marcos stated that his administration is committed to expanding the domestic market because of its potential for attracting both foreign and local investment.

“We support domestic investment as well. Since we believe there is potential in the market, we are also promoting local investment.

He explained to Cambodian businesses that the Philippine manufacturing sector needed to be “built up” because it is now “skewed to the service sector.”

The capital-intensive investment will be crucial for us to be able to do that because we are working to strengthen the manufacturing sector of the economy, he said.

More affordable homes

Marcos also discussed the Philippines’ long-standing issue with addressing its backlog in supplying housing for the underprivileged before Cambodian business leaders.

In order to solve this, he stated that his administration is pushing for an aggressive housing initiative that seeks to construct “ambitious” six million housing units by the end of his tenure, or one million homes each year.

According to the Department of Human Settlements and Urban Development, project building has already started in a number of locations across the nation.

“We want to build one million affordable and socially conscious homes per year. We’ll work extremely hard to reach this lofty goal, he stated.

He stated that “building a community” was more important than merely building a dwelling.

“…There must be schools close by, work cannot be farther away, commutes cannot last longer than an hour, and there must be a market. It’s simple to get the transit, he continued.

Along with digitization and affordable housing, Marcos and the CEOs of Cambodia also decided to deepen their cooperation in agriculture, notably in mechanization and food processing, micro, small, and medium-sized enterprises (MSMEs), and energy.

Collaboration in aged healthcare was also noted, with a focus on the recruiting of Filipino nurses as well as agreements on the production of clothing and travel bags.

From November 10 to November 13, Marcos will be in Cambodia for the 40th and 41st Association of Southeast Asian Nations (ASEAN) Summits and Related Summits.

Additionally, he will meet privately with a few of his ASEAN peers and conversation partners.

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