NextGen Day

On Monday, President Ferdinand “Bongbong” Marcos Jr. persuaded more American companies to make investments in the Philippines by reassuring them of the nation’s strong and resilient economy.

Marcos announced that his administration is stepping up its efforts to open up the Philippine economy further and hasten the nation’s recovery from the coronavirus disease 2019 (Covid-19) pandemic while addressing business leaders from the United States (US).

Marcos, now in the US, said during the New York Stock Exchange Business Forum that “despite foreign obstacles, the Philippine economy’s resiliency — strengthened by strong policies and determined leadership — makes us confident about our future.”

Marcos stated he looked forward to increased private sector investments for the advancement of numerous industries, including public infrastructure, energy, and agriculture, as well as for the digitalization of the Philippines.

“The United States has been one of our dependable allies over the past three decades as the Philippines developed into one of the most promising rising markets. We are truly appreciative of that. At the same time, American businesses operating in the Philippines have reaped substantial benefits from our economic growth, he added.

“I want to stress that the Philippines is eager to keep fostering the relationships that have led to reciprocal advantages for our economies, organizations, and peoples. Together, let’s set many more goals, Marcos said.

Marcos made the comments while praising the “strong and enduring” trade and commercial connections between the US and the Philippines.

In 2021, the US will rank as the Philippines’ second-largest source of applications for foreign direct investments and third-largest trading partner.

On his second day in the country, Marcos rang the NYSE closing bell to mark the conclusion of the business day.

Mutually advantageous investments

Marcos pledged that the Philippines has expanded the potential for “mutually beneficial” investments meant to raise the number of jobs and improve the quality of life for Filipinos.

He said that doing business in the Philippines offers the chance for investors to benefit from a thriving economy.

Marcos informed the American businesses that the nation has investment prospects in sectors like telecommunications infrastructure and services, medicinal products and gadgets, electric vehicles and batteries, agribusiness, and information technology and business process management.

He emphasized that the Philippines’ economy has remained “strong” since 2021 and is expected to reach its objective of being an “upper-middle-income” nation in the upcoming years, despite the ongoing Covid-19 pandemic.

The Philippine economy has had strong development since last year and is once again on the path to becoming an upper-middle-income country, which is possible in the next years, he said.

A nation must attain the World Bank’s gross national income (GNI) per capita criterion of USD4,256 to USD13,205 in order to be classified as an upper-middle-income economy.

According to figures from the World Bank, the Philippines’ GNI per capita increased to USD3,640 in 2021 from USD3,430 in 2020, or at the height of the pandemic.

easing up on the economy

Marcos mentioned important laws that further liberalize the Philippine economy to attract US investors.

The adopted policies, according to Marcos, include reducing corporate income tax rates and rationalizing fiscal incentives; lowering the minimum paid-up capital requirements for international retailers and startups bringing in cutting-edge technology; and allowing full foreign ownership of businesses offering public services.

The Philippines provides a high-quality workforce, a sizable consumer market, and a variety of fiscal and non-fiscal incentives for foreign investment. The macroeconomic fundamentals we are dedicated to upholding continue to offer a clear development roadmap, said Marcos.

Marcos also ensured that the nation was crisis-resistant, highlighting the improvement in the labor market, the acceleration of production, and the rising demand from trading partners in the Philippines despite the pandemic.

He stated that maintaining stable macroeconomic fundamentals and controlling inflation is his administration’s key responsibilities, along with minimizing the pandemic’s debilitating consequences.

The business leaders from the private sector are also present; he added, “exactly to demonstrate to and explain to our potential investors where the Philippines is headed and what changes we have made so that investment will be more profitable and more attractive for foreign investors, especially those from the United States.”

Therefore, it is essential to everything we are about to do to boost our economy. Once again, we in government understand that we have a role to play in this, Marcos continued.

“Greatest asset” in PH is the workforce.

Marcos also boasted that the nation’s workforce is its “biggest asset” in its economic transition, claiming that Filipino employees are skilled and help make investments in the nation successful.

They are prepared to pick up the fight, work for the nation, and take the necessary steps to advance the nation, according to Marcos.

Therefore, he continued, “again, at the request of our friends in the United States and of the American enterprises who are already operating in the Philippines, we have altered many of our business practices.

Tuesday at the UNGA’s 77th session, Marcos is scheduled to deliver the national statement for the Philippines.

At this year’s high-level General Debate, he will be the first representative of the Association of Southeast Asian Nations to make a statement.

Marcos will meet with world leaders and continue his discussions with foreign investors about doing business in the Philippines and presenting the Philippines’ viewpoints on major global issues at the UNGA.

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