PBBM highlights Phl’s potential as manufacturing hub at Milken Institute Asia Summit

President Ferdinand Marcos Jr. touted the Philippines' thriving digital economy and potential as a manufacturing hub as he called on foreign investors to take advantage of the opportunities presented by the country in his opening remarks at the 10th Asia Summit of the Milken Institute in Singapore.

Marcos said that the Philippines is one of the world's highest users of the internet and social media, with a growing number of customers using these platforms to discover and buy products and services.

"This has led to the rapid growth of our e-commerce sector, which is now one of the fastest-growing trends in the Philippines," Marcos said.

He also pointed to the country's educated and English-speaking workforce as a major strength, noting that the Philippines is the number one country of choice for the delivery of customer support and healthcare services.

"We are also a major player in the global outsourcing industry, and we are committed to continuously investing in our human capital to ensure that our people remain globally competitive," Marcos said.

In addition to its digital economy, Marcos also highlighted the Philippines' potential as a manufacturing hub. He noted that the country has a strong manufacturing sector, with a focus on electronics, garments, and footwear.

"We are also investing in infrastructure to improve our connectivity and logistics, which will make it easier for businesses to operate in the Philippines," Marcos said.

He invited foreign investors to take advantage of the opportunities presented by the Philippines' digital economy and manufacturing sector.

Marcos also cited the country's strong economic fundamentals, strategic location, and diverse investment opportunities during the 10th Asia Summit.

The Chief Executive said the Philippines is "open for business" and is committed to providing a conducive environment for foreign investors.

"The Philippines is a resilient nation with a long history of overcoming challenges," Marcos said. "We are a people who are always looking forward, and we are confident that the future is bright for our country."

Marcos said that the Philippines has "demonstrated remarkable resilience" in the face of global economic volatility.

He pointed to the country's GDP growth of 7.6 percent in 2022, the fastest growth rate since 1976. He also said that the economy is expected to grow by 6 percent in 2023, citing data from the World Bank and the International Monetary Fund.

Marcos attributed the Philippines' economic success to a number of factors, including prudent fiscal management, monetary policy, and strong domestic demand.

The President also mentioned the recent regulatory reforms that have been passed, which are expected to encourage private investment.

He also pointed to the country's strategic location in Southeast Asia and its membership in the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement.

"The Philippines is a gateway to the dynamic markets of Southeast Asia," Marcos said. "We are also a member of the RCEP, which gives us access to a market of over 2.2 billion people."

Marcos then invited investors to consider the Philippines as a destination for investment. He highlighted the country's strategic location, membership in regional trade agreements, and the large market as some of the reasons why investors should choose the Philippines.