MANILA — President Ferdinand Marcos Jr's 6-day working visit to the United States will boost the confidence of investors to invest in the Philippines, a former presidential adviser said on Wednesday.
GO Negosyo founder Joey Concepcion said many investors and key individuals were keen to hear Marcos' plan for the economy during his activities in New York.
"Mataas ang kumpiyansa ng mga dumalo, mga investors sa mga plano ni President Marcos at ng Gabinete at kasama ang private sector. Kami ang pumunta dito to support the current administration," Concepcion, who is part of Marcos' Private Sector Advisory Council, said during a televised briefing.
The businessman noted that it was important that the government puts its focus on the economy as the value of peso depreciates further, which could be attributed to the strength of the US currency.
The US Federal Reserve had warned that it would implement more interest rate hikes in the near term. The Philippine peso touched the P59 level against the US dollar during intraday earlier.
"Siyempre that will affect also lahat ng presyo ng binibili natin kasi... dollars to buy. What's important is the outlook of the investors, those who are in the country... are very positive because of this state visit in New York," he said.
If investors will come to the Philippines, they would help enhance the micro-, small-, and medium-sized enterprises (MSMEs) sector, said the official.
A total of 99 percent of businesses in the country are MSMEs, data from the trade department showed.
"Ang importante dito ay ang kumpiyansa ng investors sa PIlipinas talagang nagbago. Mas optimistic sila, mas bullish, and under the leadership of President Marcos, makikita nila ang participation ng private sector, mismong salesman," he said.
Marcos underscored the singular message during his US trip, which included business-related meetings and an economic briefing: to entice investors and business leaders in the US to invest in the Philippines.
"I also spoke about my administration's priorities and plans for the next 6 years. And the engagement with Asia Society was a fitting end to a week in the UN and the United States that had one singular message: the time to invest in the Philippines is no longer just sometime in the future, it is now," he said during his arrival statement.