President Ferdinand Marcos Jr. said that the Philippines could obtain favorable business opportunities due to its strategic position in the Indo-Pacific region and remarkable economic growth.

Speaking at the Indo-Pacific Business Forum in Taguig City on Tuesday, Marcos lauded the country’s economic growth, saying it was the fastest growing in the region.

"I want to emphasize that the Philippine economy is not only growing, but I should say it is also thriving," Marcos said. 

"In fact, we are one of the fastest-growing economies in the world, and we are committed to fostering and continuing this momentum," Marcos added.

Latest data from the Philippine Statistics Authority showed that the country's gross domestic product (GDP), or the sum of all products and services produced in the country, for the whole year of 2023 reached 5.5 percent.

The country's GDP also expanded 5.7 percent year-on-year in the first quarter, faster than the revised 5.5 percent expansion in the fourth quarter of 2023. He added that foreign direct investments (FDI) continue to increase.

Phl's Indo-Pac location

Marcos also cited the Philippines' Indo-Pacific strategic location to attract foreign investors as the region accounted for one-third of the global economic activity.

“As the Philippines occupies a strategic position in the Indo-Pacific, we are leveraging our strategic geopolitical location, economic engagements, and participation in regional agreements," Marcos said.

“Through these economic strengths, we aspire to transform the Philippine economy into a regional hub for smart and sustainable manufacturing and (services),” he added.

Marcos then expressed optimism that Indo-Pacific investment will assist Philippine businesses grow.

The Chief Executive promised that his administration would use strategic partnerships to promote the Philippines as an Indo-Pacific investment destination, such as the Free Trade Agreements (FTAs) and the Generalized System of Preference (GSP),

“Through our ties with different countries, our nation enjoys access to various markets, including the ASEAN market, the Regional Comprehensive Economic Partnership (RCEP), [and] the Philippines-Japan Economic Partnership Agreement (PJEPA), among others,” Marcos said.

“These agreements underscore our commitment to fostering economic growth and international cooperation. With RCEP, investors can access other markets from RCEP countries by manufacturing and exporting their products from the Philippines,” he added.

Marcos said the Philippines wants to be a regional hub for smart and sustainable manufacturing and services.