Marcos calls Philippines 'Asia's rising star' in pitch to Singaporean investors

Raffy Cabristante, ABS-CBN News

Posted at Sep 07 2022 09:11 PM

President Ferdinand Marcos Jr. meets with Singaporean President Halimah Yacob during his state visit to Singapore on Sept. 7, 2022. RTVM screengrab
President Ferdinand Marcos Jr. meets with Singaporean President Halimah Yacob during his state visit to Singapore on Sept. 7, 2022. RTVM screengrab

MANILA — President Ferdinand Marcos Jr. expressed confidence in the Philippines' economic recovery on Wednesday, saying that the country's "economy is expected to outperform our regional peers."

In his keynote speech at an economic briefing in Singapore, Marcos said that in the next 6 years, the country's economic recovery will be grounded on "favorable investment policy environment, sound macroeconomic fundamentals, and a strong and decisive economic team."

He also described the Philippines as "Asia's fastest rising star," owing to a steady post-pandemic recovery and a "robust economic expansion."

"My administration is committed to establishing an even more competitive business climate, conducive to high value investments. More investments translate to higher economic activity, more jobs and a better life for all Filipinos," Marcos told business leaders in Singapore.

The Marcos administration, he said, will be implementing an 8-point socio-economic agenda that focuses on job creation, digital infrastructure expansion, and promotion of research and development in the country.

"This strategy will enable us to reduce poverty sharply and upgrade the country to upper-middle income status. We will exercise fiscal prudence in the fulfilment of that agenda," he said.

He also pitched the Philippines to Singapore's business leaders, convincing them that now is "the best time to invest" in the country, the Department of Budget and Management (DBM) said in a statement.

"We invite strategic investors from the international community to take part in the Philippines' economic resurgence. We will change the game by structural reforms that we have set in place to allow for wider participation in our industries," Marcos said.

"The Philippines welcomes your investments and looks forward to forging even stronger ties with the Singaporean business community," he added.

He also told business leaders in Singapore that the Philippines will be focusing on modernizing infrastructure, agriculture, tourism, and food security, in the next few years under his presidency.

For his part, Finance Secretary Benjamin Diokno also said that the country's "economic prospects are bright and promising."

"The country's solid macroeconomic fundamentals reinforced by structural reforms enabled us to withstand the headwinds of the pandemic and mount a strong recovery," Diokno said.

The economic forum was Marcos' last stop in his 4-day state visits to Indonesia and Singapore. He is expected to return to Manila late Wednesday.

As of writing, Malacañang has yet to release details on the possible investment pledges and partnerships that came out as a result of Marcos' visit to Singapore.

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