Marcos invites investors to Philippines  

MANILA, Philippines —  President Marcos touted the Philippines as “a gateway to countless possibilities” as he invited foreign business leaders at the 10th Asia Summit in Singapore yesterday to consider investing in the country.

Marcos, who turned 66 yesterday, was the first sitting Philippine President to address the conference, hosted by the Milken Institute.

“Given the strong fundamentals of our economy, I invite you to explore the Philippines as a destination for investment,” he said.

The President highlighted the recently enacted Maharlika Investment Fund (MIF), saying the sovereign wealth fund is designed to consolidate investible funds from government financial institutions to further drive economic development through strategic investments both domestically and overseas.

“Moreover, the Philippines’ strategic location within Asia, coupled with our membership in regional trade agreements, positions us as a gateway to countless possibilities,” he said.

Marcos also cited the country’s recent ratification of the Regional Comprehensive Economic Partnership, considered the world’s largest free trade agreement covering roughly 30 percent of the world’s population and global gross domestic product (GDP), over a quarter of international trade in goods and services and 31 percent of foreign direct investment inflows.

“In terms of areas for investment, our nation offers a myriad of opportunities across various sectors,” he said.

In the face of global economic volatility, the Philippines has demonstrated remarkable resilience, according to the Chief Executive.

“We have sustained consistent GDP growth, bolstered by prudent fiscal management and monetary policy,” he said.

He added that despite high inflation and global market instability, the Philippine economy grew by 7.6 percent last year, the fastest growth rate recorded by the country since 1976, “coincidently, in the time of my father,” referring to the late former president and his namesake Ferdinand Marcos Sr.

Marcos said the country’s economic expansion is expected to continue this year with global institutions such as the World Bank and International Monetary Fund projecting the Philippines to grow around six percent this year.

Another strength of the Philippines which the President emphasized is its educated and English-speaking workforce.

To improve its capacities as a manufacturing hub, he said the government continuously invests in vocational and technical education to ensure that the Filipino workforce remains globally competitive.

“Our skilled and English-speaking workforce is also one of the reasons why many manufacturing companies have chosen to locate in the Philippines,” he added.

The Philippines is also committed to sustainable development as it welcomes 100-percent foreign ownership of renewable energy projects.

The Chief Executive said the country is also actively promoting investments in smart and sustainable agriculture, aligning its priorities with global goals to achieve food security and conserve natural resources for future generations.

“We offer incentives, tax breaks and robust legal frameworks that safeguard the interests of foreign investors. Intellectual property rights are protected, ensuring that innovation flourishes within our borders,” he added.

‘Luggage got mixed up’

At the beginning of his speech, Marcos apologized for arriving late at the venue as his luggage got “mixed up.” He did not elaborate.

“Allow me to apologize for being quite so late as we have just come from Manila and mixed up with luggage and such,” he said. “So, I did not think it would be appropriate for me to come in my shorts. So, I thought I should wait for my suit.”

The President is expected to meet business leaders in Singapore.

He will also watch the finals of Formula One Singapore Grand Prix 2023 this weekend upon the invitation of Singaporean Prime Minister Lee Hsien Loong.

Marcos was accompanied by First Lady Liza Araneta-Marcos, Speaker Martin Romualdez, Trade Secretary Alfredo Pascual and Filipino business leaders.

It was not clear whether the President took a commercial flight to Singapore.?

Early celebration

Marcos had an early birthday celebration at Malacañang last Tuesday night based on photos shared on social media by some Cabinet officials.

“Wishing my soulmate a very happy 66th birthday,” the First Lady wrote on Instagram.

Government employees and volunteers marked Marcos’ birthday with tree planting, coastal clean-up in Hinoba-an, Negros Occidental and medical and dental missions.

As of 5 p.m. yesterday, volunteers and civil servants had planted more than 25,000 seedlings in 45 locations under the Lingap at Alagang Bayanihan initiative, the Presidential Communications Office (PCO) said in a statement.

Medical and dental missions were also held in 69 locations and were expected to benefit about 62,130 individuals.

The PCO said that feeding and milk-letting activities were also conducted. – Delon Porcalla, Evelyn Macairan