Singapore: President Ferdinand R. Marcos Jr. extended an invitation to business leaders to invest in the Philippines, emphasizing the economic reforms, robust infrastructure program, and a business-friendly environment that have fortified the country's resilience amid global uncertainties.
According to Philippines News Agency, Marcos addressed a business roundtable co-hosted by the Milken Institute at the Philippine Embassy in Singapore, asserting that the Philippines is poised for sustained growth. He highlighted the country's upper-middle income status, sound macroeconomic fundamentals, and a workforce of 52 million as key factors bolstering its investment appeal.
Marcos articulated the administration's economic agenda to executives, investors, and business leaders, underscoring the Philippines as one of Southeast Asia's largest consumer markets. He detailed ongoing reforms aimed at attracting long-term foreign investments and enhancing the business climate, including the relaxation of foreign ownership restrictions in public services and retail trade, the extension of land lease agreements to up to 99 years for foreign investors, and the opening of renewable energy projects to full foreign ownership.
Highlighting the revamped investment incentives system, Marcos mentioned that qualified projects could receive up to 40 years of combined tax and non-tax incentives. He emphasized the centrality of infrastructure in the administration's economic agenda through the Build Better More program, which includes over 200 flagship projects valued at approximately USD170 billion.
The President pinpointed the Luzon Economic Corridor as a strategic initiative to establish the Philippines as a regional hub for advanced manufacturing, electronics, and critical mineral processing. Additionally, he outlined the government's aim 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 reiterated 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 currently holds 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, supported by the Department of Trade and Industry, as part of the President's working visit. Marcos expressed gratitude to the Milken Institute and regional business leaders for their sustained confidence in the Philippines, affirming that government reforms would generate more opportunities for international partnerships and sustained economic growth.
The Milken Institute, a non-profit, nonpartisan think tank, convenes leaders from business, finance, government, and philanthropy to tackle global economic challenges. It hosted Marcos in 2023 as the first sitting Philippine president to address its Asia Summit in Singapore.
