Phl gateway to SE Asia’s dynamic markets

President Ferdinand R. Marcos Jr. on Wednesday touted the Philippines as a gateway to the dynamic markets of Southeast Asia.

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

"The Philippines is "open for business" and is committed to providing a conducive environment for foreign investors," Marcos said.

He added: "We are also a member of the Regional Comprehensive Economic Partnership, which gives us access to a market of over 2.2 billion people."

The Philippines, he said, is one of the world's biggest 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 strategic location in Southeast Asia and its membership in the RCEP, the world's largest free trade agreement.

Invitation

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

The Philippines, he said, has "demonstrated remarkable resilience" in the face of global economic volatility.

Citing the Gross Domestic Product growth of 7.6 percent in 2022, the fastest growth rate since 1976, he said the economy is expected to grow by 6 percent in 2023, citing World Bank and the International Monetary Fund data.

Marcos attributed the Philippines' economic success to several factors, including prudent fiscal management, monetary policy, and robust domestic demand.

Recent regulatory reforms, he said, are expected to encourage private investment.

He pointed to the country's educated and English-speaking workforce as a major strength, making the Philippines the number one country of choice for delivering 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 highlighted the Philippines' potential as a manufacturing hub. He pointed out that the country has a strong manufacturing sector, focusing 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," he said.

"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."