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Tuesday, July 23, 2024

Marcos highlights Philippines’ economy, invites foreign investors to participate in PPP projects

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President Marcos on Tuesday put the Philippines’ robust economic performance and increasing investments under the spotlight in a bid to establish the country as a significant contributor in the Indo-Pacific region.

At the 6th Indo-Pacific Business Forum, Mr. Marcos announced the Philippines’ 5.5 percent gross domestic product (GDP) growth in 2023, outpacing major Asian economies.

“I am proud to share that our economic achievements have been outstanding. [In 2023], the Philippines’ 5.5 [percent] GDP growth surpassed major economies in Asia based on the latest available data,” President Marcos said in his address.

“Foreign direct investments (FDI) continue to flow in, with four consecutive months of expansion. Our investment pledges have also soared, reflecting a healthy pipeline of inward FDI,” he added.

Mr. Marcos underscored the vital role of Indo-Pacific Economic Framework (IPEF) partner countries in the Philippines’ economic expansion, especially in FDI and approved investments. He envisions the country evolving into a regional center for advanced and sustainable manufacturing and services.

He also called on foreign investors to engage in the Philippines’ “Build Better More” infrastructure initiative.

“We invite foreign investors to participate in this endeavor through public-private partnerships, engineering, procurement, and construction contracts, and for feasibility studies, as well,” he said.

Detailing the infrastructure program, he outlined 185 priority projects valued at P9.5 trillion, designed to transform the Philippines into a key logistics hub in Asia. He emphasized the necessity of private sector participation through public-private partnerships (PPP) and other collaborative agreements.

The President praised the PPP Code for its effectiveness in project implementation, fostering economic development, and improving living standards.

He also spotlighted the Maharlika Investment Fund (MIF), the nation’s first sovereign wealth fund, established in July 2023 to support critical infrastructure projects and stimulate economic growth.

“This fund plays a vital role in financing critical infrastructure projects, stimulating economic growth, and generating long-term returns for the benefit of all Filipinos,” he said.

“By mobilizing resources and attracting private capital, the Maharlika [Investment] Fund will be pivotal in our goal of creating more opportunities for future generations,” Mr. Marcos added.

The President stressed the significance of the forum in reaffirming the Philippines’ dedication to strengthening economic ties and highlighting its investment prospects and development projects.

“As the Philippines occupies a strategic position in the Indo-Pacific, we are leveraging our strategic geopolitical location, economic engagements, and participation in regional agreements,” he said, pointing out the vast opportunities in a region that accounts for over one-third of global economic activity.

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