President Ferdinand R. Marcos Jr. on Thursday invited business leaders to invest in the Philippines, citing sweeping economic reforms, robust infrastructure program and a business-friendly environment that have strengthened the country’s resilience amid global uncertainties.
Speaking at a business roundtable co-hosted by the Milken Institute at the Philippine Embassy in Singapore, Marcos said the Philippines is well-positioned for sustained growth, supported by its upper-middle income status, sound macroeconomic fundamentals and a workforce of 52 million.
“The Philippines remains committed to creating a stable, competitive and investment-friendly environment,” Marcos said.
Marcos presented the administration’s economic agenda to executives, investors and business leaders, highlighting the Philippines as one of Southeast Asia’s largest consumer markets.
He said the government continues to pursue reforms aimed at attracting long-term foreign investments and improving the country’s business climate.
Among the reforms he cited were the easing of foreign ownership restrictions in public services and retail trade, the extension of land lease agreements for foreign investors to up to 99 years, and the opening of renewable energy projects to full foreign ownership.
Marcos also highlighted the government’s revamped investment incentives system, which grants qualified projects up to 40 years of combined tax and non-tax incentives.
He said infrastructure remains central to the administration’s economic agenda through the Build Better More program, which covers more than 200 flagship projects worth about USD170 billion.
The President identified the Luzon Economic Corridor as a key initiative to position the Philippines as a regional hub for advanced manufacturing, electronics and critical mineral processing.
He added that the government aims to increase the share of renewable energy in the country’s power generation mix to 35 percent by 2030 and 50 percent by 2040.
Marcos also reaffirmed the government’s commitment to expanding market access through additional free trade agreements, with the goal of concluding and signing at least five more deals.
The Philippines is a member of the Regional Comprehensive Economic Partnership and has existing free trade agreements with the European Free Trade Association, Japan and South Korea. Negotiations for separate agreements with the European Union and Canada are ongoing.
The business roundtable was organized by the Department of Foreign Affairs through the Philippine Embassy in Singapore, with support from the Department of Trade and Industry, as part of the President’s working visit.
Marcos thanked the Milken Institute and regional business leaders for their continued confidence in the Philippines, saying the government’s reforms would create more opportunities for international partnerships and sustained economic growth.
The Milken Institute is a non-profit, nonpartisan think tank that brings together leaders from business, finance, government and philanthropy to address global economic challenges. It hosted Marcos in 2023 as the first sitting Philippine president to address its Asia Summit in Singapore. (PNA)
