Marcos Jr rings closing bell at NYSE; seeks continued partnership with US firms

Jessica Fenol, ABS-CBN News

Posted at Sep 20 2022 10:24 AM | Updated as of Sep 20 2022 12:20 PM

President Ferdinand “Bongbong” Marcos Jr. rings the closing bell at the New York Stock Exchange. With him (from L - R), House Speaker Ferdinand Martin Romualdez, Department of Trade and Industry Sec. Alfredo Pascual, First Lady Louise “Liza” Araneta-Marcos, House Senior Deputy Majority Leader Rep. Sandro Marcos, NYSE Vice Chairman and Chief Commercial Officer John Tuttle, Department of Finance Sec. Benjamin Diokno, and PSAC Convenor and Aboitiz Group CEO Sabin Aboitiz.
President Ferdinand “Bongbong” Marcos Jr. rings the closing bell at the New York Stock Exchange. With him (from L - R), House Speaker Ferdinand Martin Romualdez, Department of Trade and Industry Sec. Alfredo Pascual, First Lady Louise “Liza” Araneta-Marcos, House Senior Deputy Majority Leader Rep. Sandro Marcos, NYSE Vice Chairman and Chief Commercial Officer John Tuttle, Department of Finance Sec. Benjamin Diokno, and PSAC Convenor and Aboitiz Group CEO Sabin Aboitiz.

MANILA - The Philippines is committed to nurture its mutually beneficial trade and business relationship with the United States, President Ferdinand Bongbong Marcos Jr said during a speech at the New York Stock Exchange on late Monday. 

Marcos and his economic team are in the US to deliver an address at the 77th United National General Assembly. He was invited by the NYSE officials for a ceremonial bell ringing.

"The United States and the Philippines have long enduring ties in trade and commerce, among many other areas of cooperation...As the Philippines transforms into one of the most promising emerging markets, the United States has been among our steady partners, for that we are truly grateful," he said. 

"I wish to emphasize that the Philippines is keen to continue nurturing the ties that help produce mutual benefits for both our economies, our organization and our people. Let us achieve many more milestones together," he added.

The US is the Philippines largest trading partner and second major source of foreign direct investment applications in 2021, Marcos said. Data showed that the US is also the top source of cash remittances in July.

In his speech, Marcos highlighted sectors in the Philippines that are open to American and international investors.

"For American businesses we offer investment opportunities in areas such as information technology and business process management or IT-BPM, medical products and devices, electric vehicles and battery, agri business and telecommunication infrastructure and services," Marcos said.

"To international investors, the Philippines offers high quality labor, a large consumer market and a wide range of fiscal and non-fiscal incentives," he added.

Marcos stressed that the country, under former President Rodrigo Duterte, had recently enacted laws meant to ease foreign investment rules as well as streamline business processes in the country.

"We are proud to share that we recently enacted policies to further liberalize our economy and welcome more foreign investments to our shores," he said.

The Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) rationalizes incentives and lowered the corporate income taxes.

Amendments to the Retail Trade Liberalization Act lowered the paid up capital requirement for foreign retailers. Meanwhile, the amendment to the Public Service Act (PSA) now allows full foreign ownership of companies providing select public services such as railway, subways, telco, roads and airports, Marcos said.

Marcos said his visit to the NYSE, where he rang the ceremonial closing bell was an "invaluable" chance to share the Philippines recent economic gains.

"I consider it an engagement of invaluable opportunity to share with you how we are further opening up our economy to accelerate our recovery," he said.

House Speaker Ferdinand Martin Romualdez, Department of Trade and Industry Sec. Alfredo Pascual, First Lady Louise “Liza” Araneta-Marcos, House Senior Deputy Majority Leader Rep. Sandro Marcos, NYSE Vice Chairman and Chief Commercial Officer John Tuttle, Department of Finance Sec. Benjamin Diokno and Sabin Aboitiz, the Convenor of the Private Sector Advisory Council (PSAC) joined Marcos during the bell ringing.

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