On October 18, 2021, the chair of the House Ways and Means Committee stated that…
PBBM is PH’s “proactive” strategy for boosting investor confidence.
President Ferdinand R. Marcos Jr. stated on Thursday that the Philippine government is taking a “proactive” stance and developing policies that will increase investor confidence (Manila time).
During the High-Level Dialogue on Investing in Infrastructure for Resilience at the World Economic Forum (WEF) in Davos, Switzerland, Marcos provided this guarantee.
“We want to inspire more investors’ confidence, particularly those who will contribute to the social areas of agriculture, health, and education. We have adopted a proactive stance as a result, “In his keynote speech, Marcos added.
This occurred as Marcos recognized the critical contribution made by the private sector to the growth of the nation’s infrastructure sector during his presidency.
The government of the Philippines can achieve its objective of being an “equitable, wealthy, and resilient” country by 2040, according to Marcos, with the assistance of partners from the private sector.
“We have positioned infrastructure development as the apex of our vision for an equal, affluent, and resilient Philippines by 2040 through our flagship program, Build, Better, More. We understand that the private sector partners are essential to achieving these lofty objectives “added he.
The establishment of the Private Sector Advisory Council (PSAC), according to Marcos, is one of the numerous initiatives that will allow the government to maintain economic growth in the Philippines.
He pointed out that recent changes to the Build-Operate-Transfer (BOT) Law address issues with public-private partnerships’ financial viability and bankability as well as with the potential delays that could obstruct the implementation of infrastructure projects.
He said that the government has set aside about 9% of the total budget to assist “conservation, climate change adaptation, and catastrophe risk reduction,” calling the pursuit of “climate-resilient” infrastructure projects and programs a “high priority.”
Such malfunctions and disturbances, whether they are man-made or natural, have devastating implications for international commerce, according to Marcos.
He continued, “We have developed numerous initiatives to position the Philippines well for the growth and evolution of the new global economy.
In order to discuss a more coordinated strategy and identify infrastructure investment strategies to support a more resilient and inclusive global economy in the face of disruptions like the pandemic, climate crisis, and conflict in other countries, the High-Level Dialogue on Investing in Infrastructure for Resilience brings together government and business leaders.
In the proper direction
Gokul Laroia, chairwoman for Asia Pacific at Morgan Stanley, said Marcos is “on the right track” in enlisting the private sector, particularly in building the nation’s infrastructure.
According to a press release from the Presidential Communications Office (PCO), Laroia said this during his Wednesday encounter with Marcos outside the WEF.
According to Laroia, who was quoted by the PCO, “the supply side dynamics need to improve because you know there’s a lot to work with in the Philippines, as you stated.”
“There are some indications that supply chains are being diversified, and that the infrastructure must gain from this. These are all potential vicious cycles, thus “Added he.
In order to aid the Marcos administration’s development goal, American global financial giant Morgan Stanley also made a pledge to invest in the Philippines by opening an office in Manila.
emphasis on technological cooperation
The Philippines has been asked to join a center that will be built to enable countries to thrive economically by collaborating and exchanging the most recent innovations, WEF founder and executive chairwoman Klaus Schwab said in a statement on Thursday.
According to Garafil, the invitation was issued to the Philippines during a meeting between Marcos and Schwab on Tuesday in Davos, Switzerland.
“Schwab stated there is a lot of interest and involvement in the forum and the WEF wants to reinforce cooperation by putting up a center for cooperative cooperation on emerging technologies,” she said during a meeting with President Ferdinand R. Marcos Jr. in Davos, Switzerland.
According to Garafil, Schwab informed Marcos that the company now has a number of service centers focused on cutting-edge technology like artificial intelligence.
According to Schwab, the group also operates a blockchain and cryptocurrency research center in San Francisco.
WeF was inspired to create a worldwide collaboration platform, according to Schwab, by the extensive online debate of three-dimensional, virtual interaction communities paired with artificial intelligence.
The goal is for people to share their own experiences. Technology is always supported, he said. “We would ask the Philippines to be one of the first nations to have a… we call it a residence where you can demonstrate your investment prospects in a way that is significantly more successful than video conferencing because you bring people in the immediate vicinity of what’s occurring.”
As a beginning point, Marcos stated that he would charge the Department of Information and Communications Technology with engaging with the WEF as it provides the Philippines with resources.
Cebuano English Filipino
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