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US investors see Philippines in different light under new admin - envoy

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A view of the Ortigas business district skyline, as seen from Pasig City on May 27, 2022. George Calvelo, ABS-CBN News/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/news/04/14/20220527-business-economy-dailies-gc-4.jpg"/><figcaption>A view of the Ortigas business district skyline, as seen from Pasig City on May 27, 2022. <em>George Calvelo, ABS-CBN News/File</em></figcaption></figure></div><p>MANILA — The rebooting of Philippines-United States relations under the Marcos administration played a huge role in boosting the interest of foreign investors to the country, Manila&#x27;s top diplomat in Washington said Friday.</p><p>According to Philippine Ambassador to the US Jose Manuel Romualdez, Washington looks at Manila in a &quot;different light&quot; and as a &quot;high potential for investments&quot; under a new government.</p><p>&quot;There&#x27;s no doubt about it that our defense strategy with the US played a major role in how US businesses are looking at the Philippines today,&quot; he told ANC&#x27;s &quot;Headstart.&quot;</p><p>The country has also implemented several economic reforms to attract foreign investments, Romualdez said.</p><p>Foreign investors are now allowed to have 100 percent ownership in key sectors like telecommunications, airlines and airways.</p><p>This is the reason why interest in the Philippines has become &quot;much stronger,&quot; Romualdez added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/14/23/imfs-upgraded-growth-outlook-signals-ph-is-in-good-shape-diokno">IMF&#x27;s upgraded growth outlook signals PH is in &#x27;good shape&#x27;: Diokno</a></li></ul><p>In an economic briefing in Washington, D.C., the International Monetary Fund said the Philippines&#x27; gross domestic product could grow by 6 percent in 2023 from the previous 5 percent estimate.</p><p>Finance Secretary Benjamin Diokno said the country is &quot;in pretty good shape compared to the rest of the world.&quot;</p><p>&quot;Being in that Philippine economic briefing, I have never seen so much enthusiasm coming from our American partners,&quot; Romualdez said.</p><p>In February, Manila and Washington announced a deal to give US troops access to another 4 bases in &quot;strategic areas&quot; under the Enhanced Defense Cooperation Agreement.</p><p>The US and the Philippines have also agreed to restart joint patrols in the South China Sea as the longtime allies seek to counter China&#x27;s military rise. </p><p>The 2 countries had suspended maritime patrols in the hotly contested area under the rule of former President Rodrigo Duterte.</p><p>The new agreements come as the allies seek to repair ties that were fractured under Duterte, who favored China over his country&#x27;s former colonial master.</p><p>The new administration of Ferdinand Marcos, Jr. has been keen to reverse that.</p><p>Beijing&#x27;s growing assertiveness on Taiwan and its building of bases in the disputed South China Sea have given fresh impetus to Washington and Manila to strengthen their partnership.</p><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2582030" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/13/23/diokno-says-infrastructure-spending-front-and-center-of-ph-growth-strategy">Diokno says infrastructure spending &#x27;front and center&#x27; of PH growth strategy</a></li></ul><div><strong>— With a report from Agence France-Presse</strong></div>

The rebooting of PH-US relations under the Marcos administration played a huge role in boosting the interest of foreign investors to the country.