MANILA — President Ferdinand R. Marcos Jr. on Wednesday, October 9, wore anew his salesman hat in Laos where he invited investors to explore the opportunities in the Philippines that span across multiple industries.
Addressing the Association of Southeast Asian Nations Business and Investment Summit (ABIS) 2024, President Marcos made the pitch for the Philippines as an ideal hub for smart and sustainable manufacturing.
He emphasized the Philippines is pursuing 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,” President Marcos told the gathering.
To support these goals, the President said the government enacted key reforms such as the Public-Private Partnership (PPP) Code, the Internet Transactions Act, and Executive Order No. 18 series of 2023.
It is also pursuing the enactment of other key legislations like the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy, or the CREATE MORE Act, which is anchored on the CREATE Act of 2021 to further strengthen fiscal and non-fiscal incentives in strategic industries, he said.
The Philippine manufacturing sector continues to flourish despite global challenges, President Marcos said, citing indicators such as the sustained Purchasing Managers’ Index growth proving that with a strong foundation, industries can flourish even in uncertain times.
The President also 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 pharmaceutical.
“We look at this as a major contributor to economic growth and job generation in the foreseeable future,” he added.
President Marcos arrived in Laos Tuesday to participate in the 44th and 45th Association of Southeast Asian Nations (ASEAN) Summit and Related Summits.
The President addressed the ASEAN Business and Investment Summit, a major regional annual gathering that brings together world leaders, ASEAN representatives, and other relevant stakeholders to discuss the pressing issues in the region.
It also explores ways to ensure equal and sustainable distribution of the benefits of ASEAN’s thriving economy. (PND)
