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President Ferdinand Marcos Jr. speaks with World Economic Forum President Børge Brende during the WEF Country Roundtable in Malacañang Palace on March 19, 2024. Handout photo

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Marcos WEF

Pia Gutierrez

ABS-CBN News

<figure data-feedback="fb:likes,fb:comments" id="isPasted"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/17108516398861710851637481.jpeg" alt="President Ferdinand Marcos Jr. speaks with World Economic Forum President Børge Brende during the WEF Country Roundtable in Malacañang Palace on March 19, 2024. Handout photo" class="fr-fil fr-dib"/><figcaption>President Ferdinand Marcos Jr. speaks with World Economic Forum President Børge Brende during the WEF Country Roundtable in Malacañang Palace on March 19, 2024. Handout photo</figcaption></figure>MANILA - President Ferdinand Marcos Jr. touted the country’s economic development and key reforms under his administration as he urged investors to take advantage of the opportunities in the Philippines during the World Economic Forum Country Roundtable on the Philippines held in Malacanang Tuesday.In his speech, the President noted that the Philippines “is in a prime position to enter into a sustained period of robust economic expansion over the next couple of years” as the country continues to be among the fastest-growing economies in the region.“In 2023, the Philippines capped the year off with the highest GDP growth in all of ASEAN, including China – meeting and exceeding the expectations of major multilateral organizations such as the IMF, ASEAN+3 Macroeconomic Research Office, and the World Bank,” the President said.<ul><li><a data-cke-saved-href="https://news.abs-cbn.com/business/2024/1/31/philippine-economy-grows-5-6-pct-in-2023-below-gov-t-target-1026" href="https://news.abs-cbn.com/business/2024/1/31/philippine-economy-grows-5-6-pct-in-2023-below-gov-t-target-1026">Philippine economy grows 5.6 pct in 2023, below gov&#x27;t target</a></li><li><a data-cke-saved-href="https://news.abs-cbn.com/news/2024/3/15/doh-ready-if-another-pandemic-breaks-out-1730" href="https://news.abs-cbn.com/news/2024/3/15/doh-ready-if-another-pandemic-breaks-out-1730">DOH says &#x27;ready&#x27; if another pandemic breaks out</a></li></ul> Marcos enumerated his administration’s efforts to drive economic growth, such as boosting infrastructure development and harnessing public-private partnerships (PPPs) for inclusive and efficient nation-building.The administration has also prioritized measures to promote ease of doing business as well as key reforms in the country’s corporate income tax structure and fiscal incentives system to attract investments in strategically important industries, Marcos said.“Our economic liberalization measures signal the dawn of a new era for investments here in the Philippines,” he added.“Now, international firms are welcome to invest in a wider range of high-impact sectors, form joint ventures with Filipinos, or even fully own domestic enterprises and select renewable energy projects.”The President also highlighted the establishment of the Philippines’ sovereign investment fund “to channel capital toward productivity-enhancing sectors.”“The Maharlika Investment Fund is designed to serve as a magnet for equity financing from abroad and a vehicle for driving long-term growth without compromising efforts towards fiscal consolidation,” he said.<ul><li><a data-cke-saved-href="https://news.abs-cbn.com/business/2024/3/19/strong-gdp-an-indicator-of-more-to-come-for-ph-hsbc-1111" href="https://news.abs-cbn.com/business/2024/3/19/strong-gdp-an-indicator-of-more-to-come-for-ph-hsbc-1111">Strong GDP an indicator of &#x27;more to come&#x27; for PH: HSBC</a></li><li><a data-cke-saved-href="https://news.abs-cbn.com/business/12/20/23/bsp-chief-says-rate-cuts-unlikely-until-inflation-tamed" href="https://news.abs-cbn.com/business/12/20/23/bsp-chief-says-rate-cuts-unlikely-until-inflation-tamed">Bangko Sentral chief says rate cuts unlikely until inflation falls within target</a></li></ul> The Philippines is also “actively fortifying trade and economic ties across the region to promote inclusive cooperation in a time of geoeconomic fragmentation,” Marcos said.“The Indo-Pacific Economic Framework for Prosperity will establish a high-standard commitment that will deepen economic engagement across the region,” he said.“So, together with ASEAN-Australia-New Zealand Free Trade Agreement and the Regional Comprehensive Economic Partnership, we will champion our regional economic integration as a viable pathway for shared prosperity.”The PCO, the WEF Country Roundtable on the Philippines is a joint effort of the country and the international body.“The event is the first high-level to be convened in the Asia-Pacific region since the end of the pandemic. It was attended by members of the President’s economic team and WEF President Børge Brende and several international business leaders,” the PCO said.The Philippines has been a laggard compared to its neighbors in Southeast Asia in terms of attracting foreign investments. <div> </div><div> </div><div> </div>

Marcos said the Philippines “is in a prime position to enter into a sustained period of robust economic expansion over the next couple of years."

Marcos said the Philippines “is in a prime position to enter into a sustained period of robust economic expansion over the next couple of years."

Marcos touts economic opportunities in the Philippines in WEF Roundtable

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Marcos touts economic opportunities in the Philippines in WEF Roundtable

Pia Gutierrez,

ABS-CBN News

Published Mar 19, 2024 08:34 PM PHT

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WEF Roundtable

World Economic Forum

economy

investment

foreign investors

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