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Executive: PBBM “on the right road” to place PH at the forefront of business and trade

The International Chamber of Commerce Philippines (ICC) stated on Saturday that the Marcos administration is on the right track to promote the Philippines as an excellent investment location.

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Jesus Varela, director general of the International Chamber of Commerce (ICC) Philippines, said during the Saturday News Forum at the Dapo restaurant in Quezon City that sustained interaction with international economies will benefit Filipinos.

The PBBM administration “appears to be on the correct route in moving the Philippines from the margins to the center of stage of business, trade, and even geopolitics,” he said, less than a year after taking office.

The executive claimed that President Ferdinand R. Marcos Jr.’s business visits abroad, particularly his next visit to Tokyo, increase the likelihood of negotiating additional contracts between international and Philippine businesses.

“At this time, the expansion and diversification of Japanese corporate operations in the Philippines are the main goals. And these visits, he continued, “would undoubtedly contribute to the crucial relationship rekindling and confidence building between our countries.

He stated that among other things, the ICC Philippines had been receiving bids in the areas of technology, biofuel, health care, and the processing of marine minerals.

The investment commitments during Marcos’ visit to Japan were initially expected to total around $10 billion, according to Trade Undersecretary Ceferino Rodolfo.

As far as I can tell, Varela added, “from our very own, the ICC Philippines, we envision deals exceeding several millions that will be dealt by medium firms, the LGUs (local government units), and Japan.

The Board of Investments had already recorded PHP414 billion in investments from domestic and international sources between January and February 9.

In addition to travel abroad, Varela noted that Marcos’ general “friend to all and an enemy to none” foreign policy is positive for the country’s economy.

However, he pointed out that Marcos must use the leadership skills he shown at the ASEAN to expertly lead Manila despite rivalries between regional superpowers.

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