President Ferdinand Marcos Jr. with Speaker Martin Romualdez during the Asean Leaders Interface With Representative Of Asean Interpaliamentary Assembly (ASEAN-AIPA) at Lao National Cultural Center in Lao PDR on Oct. 09, 2024.  Revoli S. Cortez, PPA pool

Marcos in Laos

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<div><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/17285272070211728527203359.jpeg" class="fr-fic fr-dib"/>President Ferdinand Marcos Jr. with Speaker Martin Romualdez during the Asean Leaders Interface With Representative Of Asean Interpaliamentary Assembly (ASEAN-AIPA) at Lao National Cultural Center in Lao PDR on Oct. 09, 2024.  Revoli S. Cortez, PPA pool</div>MANILA - President Ferdinand Marcos Jr. urged ASEAN businesses to invest in the Philippines, Malacañang said.Speaking during the Association of Southeast Asian Nations Business and Investment Summit (ABIS) 2024 in Vientiane, Lao PDR, Marcos said the Philippines is an ideal hub for smart and sustainable manufacturing.“We are targeting industries like green metals, battery manufacturing, energy equipment, data centers, and agribusiness,” Marcos told the gathering.Marcos said that to make the country more business-friendly, the Philippines has enacted key reforms such as the Public-Private Partnership (PPP) Code, the Internet Transactions Act, and the Green Lanes for Strategic Investments. Another measure, the CREATE MORE Act, meanwhile seeks to further strengthen fiscal and non-fiscal incentives in strategic industries, he said.The president also touted the Philippine manufacturing sector which has grown despite global challenges, based on indicators such as the sustained Purchasing Managers’ Index.Marcos also cited the chemicals industry as one of the largest sub-sectors in the Philippine manufacturing industry. “We look at this as a major contributor to economic growth and job generation in the foreseeable future,” he added.The Philippines has been a laggard compared to its neighbors in the region when it comes to attracting foreign investments. The government has been hoping though that with new laws meant to further open up the economy to outside capital, the country can catch up with its peers in the ASEAN.

President Ferdinand Marcos Jr. urged ASEAN businesses to invest in the Philippines, Malacañang said.

President Ferdinand Marcos Jr. urged ASEAN businesses to invest in the Philippines, Malacañang said.

Marcos pitches Philippines as ideal investment destination to ASEAN businesses

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Marcos pitches Philippines as ideal investment destination to ASEAN businesses

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Published Oct 10, 2024 10:27 AM PHT

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Updated Oct 10, 2024 03:17 PM PHT

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