Marcos woos investors, draws protests at LEC forum

Marcos woos investors, draws protests at LEC forum | Daily Tribune

Marcos and Finance Secretary Frederick Go have been vocal about attracting foreign inflows, which have remained subdued since the outbreak of last year’s flood control scandal.

Go later introduced the European Union and Spain as the newest members of the LEC, likewise describing their inclusion as a reflection of continued confidence and trust in the Philippines.

Meanwhile, Marcos said the LEC serves as his administration’s strategy for “organizing growth.”

“We are moving from identifying possibilities to preparing projects; from expressions of interest to commercial partnerships; from a shared vision to investments that can be implemented and objectively measured,” he said.

“By connecting these areas more efficiently, we are creating a powerful economic platform for Luzon and the entire country,” he added.

Economic growth has slumped for four consecutive quarters as infrastructure investment remains hampered by probes into the flood control scandal. Marcos, whose cousin Martin Romualdez was arrested earlier this week in connection with the scandal, described the LEC as an “all-of-nation effort” to help resuscitate the economy.

“We want you to regard the Philippines not simply as another market, but as a trusted partner and a place where you can build, innovate, and grow for generations,” he told current and prospective investors at the forum.

Sponsored by the US Trade and Development Agency, the event gathered some 600 international investors, industry leaders, project developers and government officials, showcasing investment opportunities in advanced manufacturing, digital connectivity, energy, transportation and logistics.

However, the event also drew the ire of a sizable group of protesters who gathered outside the forum’s Taguig venue to oppose, among other things, the planned Pax Silica initiative, which is slated to become part of the LEC pending formal approval.

Four individuals were arrested following a brief skirmish with police. The demonstrators held signs citing Pax Silica’s potential environmental impact, as well as the potential exploitation of Filipino resources and manpower by Western nations, including the United States and Israel.

Finance Undersecretary Angela Ignacio noted, however, that the planned initiative remains a “work in progress,” with its finer details still pending further discussion and deliberation.

“For now, it may be premature to be talking about Pax Silica because it’s really a work in progress,” she said in a press conference in the afternoon.

“I think that the Philippines must seize the opportunity to become a global player when it comes to technologies that will shape the future,” she added.

Marcos likewise acknowledged that environmental and energy capacity – key criticism of the Pax Silica initiative – remain paramount for the LEC as a whole, calling for the responsible development of critical minerals and inclusive growth for all Filipinos.

“Our ambition goes beyond extracting and exporting raw resources. We want more value to be created here through domestic processing, manufacturing, research, innovation, with strong environmental safeguards and clear benefits for affected communities,” he said

“Across all these sectors, our goal is not simply to attract investment. We want investment that strengthens our economy and expands Filipino capability.”