Marcos: Incentives, economic expansion, wide use of social media make PH ideal for investments

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Metro Manila (CNN Philippines, September 13) — President Ferdinand Marcos Jr. flew to Singapore on Wednesday, where he highlighted what the country can offer to investors.

"Our growth story is underpinned by a strong domestic demand and increasing fixed capital investment as a result of upbeat domestic activity and improved business confidence," Marcos said in his speech at the 10th Asia Summit. "We are a large market."

"We are comprised of 110 million consumers whose demand helps fuel our current and future growth," he also said. "Moreover, the regulatory reforms that we have recently passed, which liberalized many sectors, including public services, retail, and renewable energy, amongst others, are expected to encourage private investment and bolster the growth of our economy over the medium to the long term."

Marcos said the country's economy has remained resilient despite challenges, noting the 7.6% growth in 2022, and the World Bank upgrading the Philippines' growth forecast to 6% this year.

"The Philippines’ strategic location within Asia, coupled with our membership in regional trade agreements, positions us as a gateway to countless possibilities," he explained..

There are also a wide range of sectors businesses could invest in, according to him. Among them are renewable energy, manufacturing, and tourism.

He also said the country's push towards a digital future also showed promise for potential investors, saying there are over 85 million internet users representing a 73.1% penetration rate of the total population.

"The growth of the country’s digital economy bodes well for international companies who wish to tap into our increasingly digital economy," the president said.

A highly skilled Englsih speaking workforce has also helped it become a top choice for business processing and outsourcing, according to him, adding that the Philippines is the number one country of choice for customer service support.

During the Q & A session after his speech, Marcos said investments are necessary to build the country's manufacturing capabilities.

"This brings us to why we have now come here and have been going around the world to --- not only to tout the changes that we have had in the Philippines but also to ask what is it that you think you need so that the Philippines becomes an investment-friendly place," he said.