Marcos says confidence in PH economy 'restored'

BUSAN, South Korea — Confidence in the Philippine economy has been restored, President Ferdinand "Bongbong" Marcos Jr. said on Saturday, amid government efforts to address corruption in infrastructure projects, particularly those related to flood control.

During a press conference with the Philippine media delegation, Marcos was asked for his reaction about an American businessman who is not afraid to invest in the country despite the corruption scandal hounding the Philippines. 

The businessman is Salvador Ahumada, CEO of ACEIS company, which is an international firm based in Bangkok, Thailand, that specializes in large-scale modernization projects. He attended the APEC CEO Summit in Gyeongju, where Marcos delivered a speech. 

''Yeah. Well, if we had not exposed it, then they would be saying that there's a problem. Now that we have exposed it, their confidence is stronger in the Philippines. Kasi kahit may ganyan, talagang inaayos nila (Because even if something like that happens, they really fix it). So that's why things have changed. The level of confidence in the Philippine economy and in the Philippine government as the leader and the guider of the economy is restored,'' Marcos said.

''All countries have their own problems. But the only problem, especially for investors, is whether or not the government is doing anything about it. If the government were doing anything about it... If the government were doing nothing about it, I would guess he wouldn't say the same thing,'' he added. 

Asked about investment pledges from the APEC Summit, Marcos mentioned that he met with executives from Samsung Electronics, noting that the firm wants to expand operations in the Philippines. 

''They made a commitment of a little over P50 billion to expand. That translates into 3,000 new jobs,'' Marcos said. 

Earlier, the United States Department of State made an assessment that “pervasive” corruption remains a major barrier to foreign investments in the country.

In its 2025 Investment Climate report, the US State Department found that “corruption is a pervasive and long-standing problem in both the public and private sectors” in the Philippines.

Special Assistant to the President for Investment and Economic Affairs Frederick Go previously said the reported negative impact of the flood control controversy on foreign investments was “overblown.''

He believed that the investigation of alleged corruption is actually beneficial to the country in the long run. Go said that Marcos' “swiftness and decisiveness” in his anti-corruption campaign will be good for the economy.

In September, Marcos established the Independent Commission for Infrastructure, tasked with gathering information and recommending to the Office of the Ombudsman who should face prosecution for anomalies in government infrastructure projects. —VBL, GMA Integrated News