Oliver 9 0 0 7 min to read

Marcos: For PH, new alliances present countless potential.

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Making new connections and alliances, according to President Ferdinand R. Marcos Jr., will give the Philippines access to “limitless” chances in a world economy that is coping with wars and the Covid-19 pandemic.

Marcos recently provided a description of his trip to Davos, Switzerland, where he attended the 2023 World Economic Forum, in his vlog (WEF).

Marcos’ journey produced positive results, including new trade and investment opportunities, significant collaborations to promote the nation’s development program, and improved levels of international cooperation.

“The new friendships we have formed with respected entrepreneurs and economic business giants from different fields and parts of the world are very good news for our booming economy,” he said in his vlog.

When we are open to joining new networks and relationships, the potential is endless, he continued.

The importance of nations working together to address global issues like the current economic, energy, and food crises while laying the foundation for a more sustainable, resilient world, he said, was highlighted by the WEF’s theme of “Cooperation in a Fragmented World,” which was similar to his call for unity in the Philippines.

“How can we unite the entire globe now when it appears to be falling apart again due to the amount of problems,” he questioned. “Ang ibig sabihin ay papaano natin ipagkakaisa ang lahat ng mundo ngayon.”

“Ibig sabihin rin nito ay hindi Pilipinas lamang ay may mga problemang hinaharap sa pagtaas ng presyo ng bilihin, pagkain,” he said. It also signifies that not just the Philippines is having issues, particularly with the rise in the cost of products and food. This is pandaigdigang suliranin, which means that even economists are having trouble. Even the smartest economists are having trouble solving this global issue, he continued.

While acknowledging that there is no quick fix for the world’s issues, Marcos noted that cooperation could be able to address some of them.

“Today, everyone is corrupted. The problem, but not yet a solution It’s not just the Filipinos who are connected to the world through our shared culture and traditions of pagkakaisa and pagtutulungan; this is the case for the entire human race. In terms of issues and solutions in particular, our call for cooperation and togetherness is not limited to the Philippines; it is the scream of the entire world for ongoing regeneration and a brighter future, he continued.

The President, meanwhile, welcomed the WEF as a chance to demonstrate to the world that the Philippines is leading the Asia-Pacific and global economies in terms of economic recovery and performance.

Ihayag ang mga pamamaraang ginagawa natin sa Pilipinas sa gitna ng krisis na ito, “Tayo rin ay nabigyan ng pagkakataon. Ito marahil ay sa kadahilanang kumpara sa ibang bansa, naging maganda ang performance natin sa pagbabangon nitong nakaraang taon kaya tuloy-tuloy naman ang ating pamahalaan sa pagpupursigi tungo sa pagbabangon (We This is possibly because, in comparison to other nations, we have performed well in recovery over the past year, and our government is still working to achieve recovery),” he said.

He added that business executives and financiers agreed with his administration’s idea to create the country’s first-ever sovereign wealth fund.

“Kami ay nagkaroon ng pagkakataon ipahiwatig at komunsulta sa ibang economic leaders at investors tungkol sa ating hangarin magkaroon nitong tinatawag na sovereign wealth fund,” the statement reads.

Maganda ang kanilang pagtanggap sa posibilidad ng pagkakaroon natin ng ganyang pondo (We also got the opportunity to speak with business executives and investors about our ambition to create a sovereign wealth fund.) They were in support of the idea of establishing such a fund, he continued.

“They understand our aim and feel that it will significantly aid the country if it is managed properly,” he continued. “Naintindihan naman nila sa kanilang palagay, kung maayos ang patakbo ng pondong ito ay malaki ang maitutulong niyan.”

The proposed Maharlika Investment Fund (MIF) Act, or House Bill (HB) 6608, calls for the creation of an independent fund that will be financed by contributions from the federal government, declared dividends from the Bangko Sentral ng Pilipinas, investible funds from a few select government financial institutions (GFIs), and other sources.

The bill stated that the proposed MIF shall be utilized to make strategic and commercial investments in a manner intended to support financial stability for economic development and strengthen the best-performing GFIs through additional investment platforms that will aid in the accomplishment of the national government’s priority plans.

The House of Representatives passed HB 6608, which Marcos had deemed urgent, on final reading on December 15, 2022, and submitted it to the Senate the following day, on December 19.

Cebuano Cebuano English English Filipino Filipino

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