Marcos courts SEA investors

President Ferdinand R. Marcos Jr., at the Association of Southeast Asian Nations (ASEAN) Summit and Related Summits in Laos on Wednesday, invited investors from Southeast Asia to explore business opportunities in various industries in the Philippines.

In his keynote speech at the ASEAN Business and Investment Summit in Laos, the President made a pitch for the Philippines as an ideal hub for smart and sustainable manufacturing.

Marcos underscored the Philippines’ key policy reforms and the country’s aggressive development in infrastructure, manufacturing, agriculture and digital connectivity.

“So, let me put on my salesman’s hat and invite you to explore the investment opportunities we offer. We are targeting industries like green metals, battery manufacturing, energy equipment, data centers, and agribusiness,” Marcos said.

He said the Philippines has enacted key reforms such as the Public-Private Partnership (PPP) Code, the Internet Transactions Act, and Executive Order 18, series of 2023 to support efforts in attracting foreign businesses to the country.

The Chief Executive also noted that the Philippines is pursuing the enactment of other key legislations like the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act which is anchored on the CREATE Act of 2021 to further strengthen fiscal and non-fiscal incentives in strategic industries.

Let me put on my salesman’s hat and invite you to explore the investment opportunities we offer. We are targeting industries like green metals, battery manufacturing, energy equipment, data centers and agribusiness.

The Philippine manufacturing sector continues to flourish despite global challenges, Marcos said, citing indicators such as the sustained Purchasing Managers’ Index growth which proves that, with a strong foundation, industries can flourish even in uncertain times.

Chemicals industry

Marcos likewise mentioned the chemicals industry as one of the largest sub-sectors in the manufacturing industry, a major pillar supporting various sectors like agriculture, automotive, cement, creative, construction, energy, health and pharmaceuticals.

“We look at this as a major contributor to economic growth and job generation in the foreseeable future,” Marcos said.

The ASEAN Business and Investment Summit is a major regional annual gathering that brings together world leaders, ASEAN representatives, and other relevant stakeholders to discuss the pressing issues in the region.