Marcos invites Cambodia business leaders to invest in Philippines

President Ferdinand "Bongbong" Marcos Jr. made a pitch to business leaders in Cambodia on Thursday to invest in the Philippines, saying the government needs partners from the private sector to transform the economy.

"We would like to invite at the very least, for you, to have a look at the opportunities that are available. And finally I suppose at some point, since we are not so far away, to come and we will explain to you exactly what we have done and why we have done it and where we have arrived in that process of transforming the economy,” Marcos told business leaders during a roundtable meeting.

“I do not talk about recovery of the economy, I talk about transformation of the economy because the new economy is going to be different from everything that we did in 2019. And so this is what we are looking forward to and I hope to see you all in the Philippines soon,” he added.

According to the Office of the Press Secretary, the Philippines and Cambodia agreed to boost their cooperation in various areas, including agriculture (mechanization, rice importation, and food processing); micro, small, and medium enterprises (MSMEs); energy; and low-cost housing.

Marcos said the Philippines is facing a housing shortage of about six million units.

The Department of Human Settlements and Urban Development had launched the Pambansang Pabahay para sa Pilipino program, which aims to build one million housing units every year, for a total of six million units by the end of Marcos' term in 2028. 

"It is an ambitious number, but we will try very, very hard," he said.

The hiring of Filipino nurses for elderly medical care in Cambodia was also discussed, the OPS said.

It added that tie-ups on garments and travel bag manufacturing were also mentioned, as well as digitalization.

"Once we can digitalize and digitize our operations, the bureaucracy, the national government and the local government, then things will be much, much easier. Because any investment really has to also be approved at the local government level,” Marcos said.

Marcos emphasized that the Philippine government is working to attract more direct investments in order to boost the country's manufacturing sector and make it a significant contributor to the gross domestic product, or the total value of goods and services produced in a specific period.

He said the government still needs more partners from the private sector and that some of the policies and procedures of public-private partnerships have been altered under his leadership.

Marcos has said that a public-private partnership is needed to support and help start-ups and micro, small, and medium enterprises (MSMEs) grow their businesses.

“We are encouraging not only foreign investment. We are also encouraging local investment because we feel there is potential in the market,” he said.

“A hundred and seven million people is a big market and we have to develop that market. We have not developed our own markets. And I think that is another potential that we can exploit down the road,” he added.

The Chief Executive is in Cambodia to participate in the 40th and 41st ASEAN Summits and Related Summits.

He is also set to meet with Canadian Prime Minister Justin Trudeau and have a possible discussion on nuclear power with French President Emmanuel Macron. — Anna Felicia Bajo/RSJ/VBL, GMA Integrated News