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Katrina Domingo

ABS-CBN News

<p>BANDAR SERI BEGAWAN (UPDATED) — President Ferdinand Marcos Jr. on Wednesday urged Bruneian business leaders to expand their businesses in the Philippines, describing the country as a “prime investment destination” with ease of doing business initiatives and policies in place.</p><p>The Philippine government has been “creating a more investor-friendly environment” by creating “green lanes for strategic investments” and a sovereign fund which “demonstrates our commitment to financing priority projects and driving social economic development,” the President said during a business forum on the second day of his state visit here.</p><p>“I enjoin the business leaders of Brunei to seriously consider the PH as your prime investment destination,” he said.</p><p>“We are committed to fostering mutually beneficial outcomes for the business sectors of both our countries. Together, let us approach the future with determination and confidence, striving towards shared prosperity and success,” he said.</p><p>The Philippines is also “investing in infrastructure, promoting sustainable industries and supporting micro, small and medium enterprises,” the Chief Executive said.</p><p>“We are paving the way for a more dynamic and interconnected regional economy,” he said.</p><p>“Together, we can harness the full potential of BIMP-EAGA to build a prosperous and sustainable future for all,” he added, referring to the East ASEAN Growth Area which includes Brunei and parts of Indonesia, Malaysia and the Philippines.</p><div><a href="https://news.abs-cbn.com/news/2024/5/28/ph-brunei-cooperation-vital-in-keeping-peace-stability-in-indo-pacific-marcos-jr-731" rel="noopener noreferrer" target="_blank">PH-Brunei cooperation vital in keeping peace, stability in Indo-Pacific: Marcos Jr.</a></div><div><a href="https://news.abs-cbn.com/news/2024/5/29/ph-brunei-ink-deal-to-peacefully-resolve-maritime-regional-conflicts-1527">Philippines, Brunei ink deal to peacefully resolve maritime, regional conflicts</a></div><div><a href="https://news.abs-cbn.com/news/2024/5/28/philippines-brunei-to-boost-maritime-cooperation-with-skills-training-info-sharing-1623" rel="noopener noreferrer" target="_blank">Philippines, Brunei to boost maritime cooperation with skills training, info sharing</a></div><p>The Philippines and Brunei — whose <a href="https://news.abs-cbn.com/news/2024/5/29/brunei-to-strengthen-ties-with-ph-to-protect-common-aspirations-852">diplomatic ties</a> spans 4 decades — have inked several agreements to improve <a href="https://news.abs-cbn.com/business/2024/5/28/ph-brunei-to-spotlight-halal-medical-industries-to-boost-tourism-1651">trade relations</a>, including a Double Taxation Agreement (DTA) which prevents double taxation schemes to prevent tax evasion and reduce corporate tax liabilities.</p><div><br/></div><div><strong>BIMP-EAGA can serve as ASEAN production base</strong></div><p>Marcos also highlighted the potential of Palawan, Mindanao, Brunei and some parts of Indonesia and Malaysia to be a “unified production base” in the region.</p><p>The Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) is a “beacon of economic integration and development within the Association of Southeast Asian Nations (ASEAN), Marcos said in a business forum during his 2-day state visit here.</p><p>“BIMP-EAGA is strategically positioned to provide robust supply value chains while supporting the development of micro, small and medium enterprises in key productive sectors,” he said.</p><p>“With the region experiencing a steady rise in population and income, the market for goods and services is expanding rapidly and significantly,” he said.</p><p>The Philippines wants to focus on the key economic corridors of West Borneo and the Greater Sulu-Sulawesi, the Filipino leader said.</p><p>“This growing market presents numerous opportunities for businesses and investors to capitalize on,” he said.</p><p>“These corridors are strategically designed to integrate production with supply chains offering abundant opportunities for SMEs to flourish,” he said.</p><p>BIMP-EAGA was created in 1994 to spur development in remote and less developed areas in the 4 member countries of ASEAN.</p><p>In 2022, the combined economies of BIMP-EAGA rose by 7.7 percent, with its total trade in goods amounting to $198.7 billion, data from its website showed.</p><p>The bloc’s foreign direct investments also rose by 46.7 percent to $19.9 billion last year.</p><p>As of October 2023, 48 of the BIMP-EAGA’s projects have been completed, while 81 other initiatives are in various stages of completion.</p><p>Meantime, Marcos said his administration is still in the process of computing how much investment pledges the Philippines reaped from this 2-day visit to Southeast Asia’s second richest country.</p><div><br/></div><div><strong>RELATED STORY: </strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/0qJ5Ea1_jaE?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>President Ferdinand Marcos Jr. urged Brunei's business leaders to expand in the Philippines, saying it is a “prime investment destination.”</p>

President Ferdinand Marcos Jr. urged Brunei's business leaders to expand in the Philippines, saying it is a “prime investment destination.”

Marcos tells Brunei bizmen: ‘Consider PH as your prime investment destination’

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Marcos tells Brunei bizmen: ‘Consider PH as your prime investment destination’

Katrina Domingo,

ABS-CBN News

Published May 29, 2024 05:11 PM PHT

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Updated May 29, 2024 07:18 PM PHT

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trade

investment

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Brunei state visit

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