The opportunity is huge for Singapore business if they consider the Philippines as an investment destination, President Ferdinand R. Marcos Jr. said.
In a roundtable discussion with Singaporean businessmen, President Marcos encouraged investments in renewable energy, smart and innovative economy, and infrastructure development under the Build, Better, More program of the government.
President Marcos shared the policy changes in the Philippines, allowing 100 percent equity in the exploration, development, and utilization of solar, wind, hydro, and ocean or tidal energy resources to attract foreign investments.
“With this development, I encourage our Singapore partners to consider the Philippines and take part in the country’s goal of increasing renewable share in power generation and offering lower cost and cleaner energy to the general public,” he told investors in the energy sector.
The Philippines’ start-up ecosystem also poses great potential with the country’s young and competent talent who could thrive with strong government support and a dedicated start-up community.
“I invite you to look at the Philippines as your destination for your investment supporting a smart and innovative economy,” he said.
Furthermore, the Philippines seeks opportunities in the areas of financial technology as it aims to achieve its goal of 50 percent digital retail transactions and 70 percent Filipino adults with bank accounts by the end of 2023 and to promote an inclusive, innovative, and healthy financial sector.
With the launching of the 8-Point Socioeconomic Agenda, the government aims to reinforce the Philippine economy’s steady recovery and high growth trajectory, Marcos said, noting his administration’s efforts to further promote investments, improve infrastructure, achieve energy security, create jobs, and develop priority industries.
“Let me also take the opportunity to encourage you to participate in the infrastructure projects under the banner of the Build, Better, More program, which aims to facilitate mobility and connectivity for businesses and for people,” Marcos said.
“There are numerous projects that can be explored in the areas of physical and digital connectivity, water resources, agriculture, health, and energy.”
To make the country attractive to investors, the President said he issued Executive Order No. 18, establishing green lanes for strategic investments, which will streamline permits and licenses processing.
Marcos also highlighted the country’s highly skilled, young, talented, and capable workforce who could do and hold various roles.
“Moreover, the country’s population’s median age of 25 years old offers greater productivity, increase in savings rate, and increased creativity,” Marcos told the Singaporean businessmen.
He also highlighted the launching of the Maharlika Investment Fund, the country’s sovereign wealth fund, allowing the Philippines to consolidate investment funds for government programs and projects.
According to the President, this will be an important addition to the country’s existing funding mechanisms through investments in strategic high-return, high-impact sectors including infrastructure.
“We look forward to exploring co-financing opportunities with foreign investors, with multilateral institutions, and other sovereign wealth funds around the world,” he said.
“So, to our partners in Singapore, I offer you the assurance of our greatest efforts in supporting businesses as we work together in achieving our economic agenda and making the Philippines your destination of choice for investment.”
The President is in Singapore for the Asia Summit 2023, which tackles issues such as peace and stability, inequality, cultural differences, and irreparable environmental damage.
Hosted by the Milken Institute, a non-profit think tank, the Asia Summit holds a decade-long work that focuses on public health, environmentalism, economic policy, and globalization. | PND
Photo Courtesy by (Screenshot from Radio Television Malacañang)