NextGen Day

President Ferdinand R. Marcos Jr. has effectively promoted the Philippines as an attractive business destination for foreign investors, according to Edgar Chua, Chair of the Makati Business Club (MBC).

Chua revealed that foreign envoys he spoke to expressed strong support for bringing investments into the country, attributing this positive response to the President’s efforts.

“I think the President has also been able to advertise the country as a place to do business successfully. I’ve been talking to several ambassadors, and they have been impressed by the President,” Chua shared with reporters during an MBC event over the weekend.

Chua emphasized that investments from Marcos’ foreign trips would create much-needed jobs for Filipinos.

According to the Department of Trade and Industry (DTI), about USD 88 million worth of investments from Marcos’ foreign trips are expected to materialize this year.

DTI Secretary Alfredo Pascual stated in a briefing on Wednesday that although the initial amount is not substantial, the growth potential is significant. The DTI has identified a pipeline of potential investments amounting to around $70 billion, which is set to contribute to various industries, including manufacturing, renewable energy, and IT-BPM. These investments are expected to create approximately 17,800 direct employment opportunities.

Countries visited by the Chief Executive during his first year in office include Singapore, Indonesia, the United States, Thailand, China, Japan, and Europe.

As the second State of the Nation Address approaches, the MBC has expressed its wish list, which includes streamlined tax payment processes, well-defined policies on apprenticeship, and a stronger emphasis on public-private partnership (PPP) projects.

“Given the very limited fiscal space that the government has, then the PPP should be pushed so that we don’t slow down the country. We need to continue expanding our growth rate,” Chua emphasized.

The MBC strongly believes that PPP projects will play a vital role in bolstering the country’s long-term economic growth and providing essential infrastructures for the nation’s development. 🇵🇭💪💼

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