The Market Monitor Minding the Nation's Business
President Ferdinand R. Marcos Jr. recently invited Southeast Asian investors to explore a wide range of business opportunities in the Philippines that span various industries.
During his address at the ASEAN Business and Investment Summit in Laos last week, Marcos promoted the Philippines as an ideal hub for smart and sustainable manufacturing. He highlighted the country’s key policy reforms and its aggressive push in infrastructure, manufacturing, agriculture, and digital connectivity.
“So, let me put on my salesman’s hat and invite you to explore the investment opportunities we offer. We are targeting industries like green metals, battery manufacturing, energy equipment, data centers, and agribusiness,” Marcos said.
To achieve these objectives, the President noted that his administration has implemented crucial reforms, including the Public-Private Partnership (PPP) Code, the Internet Transactions Act, and Executive Order 18, series of 2023.
He also emphasized the government’s pursuit of additional key legislation, such as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, which builds on the CREATE Act of 2021 to enhance fiscal and non-fiscal incentives for strategic industries.
Despite global challenges, the Philippine manufacturing sector continues to thrive, Marcos noted, pointing to sustained growth in the Purchasing Managers’ Index (PMI) as evidence of the industry’s resilience and strong foundation.
He also identified the chemicals industry as a key sub-sector within manufacturing, supporting major sectors like agriculture, automotive, cement, creative industries, construction, energy, healthcare, and pharmaceuticals. “We see this as a significant contributor to economic growth and job creation in the near future,” Marcos added.
The ASEAN Business and Investment Summit is a major regional event that gathers world leaders, ASEAN representatives, and other stakeholders to address pressing regional issues and explore strategies for achieving inclusive and sustainable growth in ASEAN’s economy.