Two lawmakers have expressed optimism that President Ferdinand Marcos Jr. will bring in more foreign direct investments (FDIs) to the country when he attends the 2023 Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting in San Francisco, California on Nov. 15-17.
Newly installed Deputy Speaker Yasser Alonto Balindong said the APEC summit, hosted by the United States this year, will be attended by world leaders, including Japan, Singapore, Australia, New Zealand, Canada, Korea and many more.
Occidental Mindoro Rep. Leody Tarriela said the President is expected to discuss economic issues as well as possibly security concerns with his counterparts from the 21 member-nations of APEC, including those from the United States and other allies like Japan, Australia, Canada, South Korea, and New Zealand.
“I bid President Marcos Jr. good fortunes when he attends the APEC summit this coming week. He is in an ideal position to bring in more pledges for foreign investments. Since he began his term as Chief Executive in 2022, he has already brought billions of dollars in investment pledges,” Balindong, concurrent chair of the House Committee on Mindanao Affairs, said.
He added that President Marcos has always been intentional and deliberate in enticing foreign investments whenever he goes out of the country in an official capacity.
“I encourage my colleagues to support President Marcos Jr. in his endeavor to propel our economy to great heights by passing priority legislation that will make the investment climate in the country more conducive and attractive to foreign investors,” Balindong of Lanao’s second district said.
“The economic benefits our country could derive from the President’s APEC meetings and bilateral discussions are enormous. They could help us sustain our economic growth in the days ahead,” Tarriela said.
The Philippines’ major export and import partners are from APEC, he added.
“Our economy grew by 5.9 percent in the third quarter of this year. We hope to do better in the succeeding quarters with investments and financial and economic assistance from our APEC friends and allies,” Tarriela stressed.
The 30th APEC Leaders’ Summit will be held in San Francisco, California from November 15 to 17. It will be hosted by the US, which is the group’s chairman for this year.
The APEC was established in 1989 as a regional economic forum to buttress the growing interdependence of countries in the Asia Pacific.
The Philippines joined APEC in November 1989, and the organization has already grown to 21 member economies.
President Marcos’ attendance in the APEC meeting will be his second, with the first one in November last year in Thailand.
After the APEC summit, the President is scheduled to meet with business leaders and members of the Filipino community.
He will also visit the Daniel Inouye Asia-Pacific Center for security studies and the Indo-Pacific Command headquarters of the US armed forces in Hawaii upon the command’s invitation.
The Chief Executive is expected to be back in Manila on November 20.
