Speaker Ferdinand Martin Romualdez expressed strong optimism for increased foreign investments in the Philippines, following President Ferdinand Marcos Jr.’s compelling presentation of the country as an ideal investment destination.
In his address before the Association of Southeast Asian Nations (ASEAN) Business and Investment Summit in Laos Oct. 9, Marcos outlined the Philippines’ strategic position as a growing economy in Southeast Asia, offering a wide range of opportunities in various sectors, such as manufacturing, infrastructure, technology, and sustainable energy.
Romualdez said more foreign investments would spur the creation of decent-paying jobs for Filipinos, open opportunities for local businesses, and generate additional revenues to fund key programs on education, infrastructure, and agriculture, among others.
“The President’s presentation at the ASEAN Business and Investment Summit sends a clear signal that the Philippines is open and ready for business. His emphasis on the country’s competitive advantages has positioned us at the forefront of investment opportunities in the region,” Romualdez said in a press release Oct. 10.
“We are confident that the results of his pitch will be seen soon as businesses respond to the opportunities that our country offers,” he added.
Romualdez reaffirmed the commitment of the House of Representatives to support the legislative agenda of the administration of Marcos to further enhance the country’s investment climate.
He said that Marcos’ engagement with the ASEAN business community will likely lead to a surge in foreign direct investments (FDI) that could further strengthen the country’s economic trajectory.
“Foreign investors are now looking at the Philippines with fresh eyes, especially given our efforts to improve infrastructure, digitalization, and ease of doing business,” he said. “These investments will bring in capital that will drive new projects, create thousands of jobs for Filipinos, and spur economic growth across multiple industries. From manufacturing to IT services and tourism, we foresee major boosts in both local enterprises and the labor market.”
Romualdez also highlighted how foreign investments could likewise lead to the transfer of technology and skills, benefitting Filipino workers and entrepreneurs.
“Our people stand to gain from the innovation and expertise brought in by global companies. This will not only enhance our workforce’s competitiveness but also provide Filipino businesses with access to international markets and cutting-edge technologies,” he said. ||
