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Marcos to US businesses: Time to invest in Philippines is now

President Ferdinand Marcos Jr. touted the Philippines’ “economic resurgence” following the COVID-19 pandemic and invited businesses to “invest now.”

Facing the business sector in an economic briefing in New York on Thursday (PHL time), Marcos said, “The country is on its way to a strong recovery from the pandemic and to a robust broad-based growth in the next six years.”

“In fact, our projected economic performance in the medium term is expected to surpass our regional neighbors. And therefore, we invite strategic investors from the US to take part in this Philippines economic resurgence,” Marcos said.

“It is our belief that the Philippines is the smart investment choice and the best time to do business with us is now,” he added.

Marcos said his administration will open doors for “high value investments” from both domestic and international business communities as these will produce a higher economic activity, more quality jobs, and a better life for Filipinos.

The President said his economic team has formulated an eight-point socio-economic agenda which aims to reduce poverty incidence and elevate the country to upper-middle income status.

In the near term, Marcos said his administration will address the impact of growing inflationary pressures due to rising global prices of key commodities such as food and fuel. 

He said ensuring domestic food security is a priority by boosting local food production and continuing the provision of targeted support for sectors most-affected by the rise in fuel prices.

Meanwhile, the chief executive said the Philippine government will intensify job creation through investment in infrastructure and human capital development.

The administration's economic thrust is contained in the medium term fiscal framework (MTFF), a fiscal consolidation strategy that will secure the stability of the country's macro-economic fundamentals.

The Philippines will continue to pursue investments in public infrastructure, improving the interconnectivity in transport networks, promoting Filipino brand, and revitalizing domestic and foreign tourism for the safe reopening of the country's tourist destinations.

Marcos said that structural reforms have also been set in place to allow wider participation in the industries, with the Corporate Recovery and Tax Incentives for Enterprises Act, and economic liberalization measures.

“We have grand opportunities, the timing, the window of opportunities for investments and especially in capital-intensive investments in the Philippines which is what we need now, we believe the time is now,” Marcos said.

"I am sure that it will be useful for both the sides — the Philippine side, both in the government side, and in the private sector side, and for our potential US investors.  I look forward to seeing you all as we open your businesses back in the Philippines,” he added.

Marcos earlier met with the members of the United States-ASEAN Business Council and the US Chamber of Commerce in New York to discuss strengthening economic and investment agenda.

He also met with key officials from the United Kingdom and Japan, as well as other economic leaders, on the sidelines of the United Nations General Assembly (UNGA) in New York.

Press Secretary Trixie Cruz-Angeles earlier announced that Marcos is also set to meet with US President Joe Biden.

Marcos left Manila on Sunday for a working visit to the US and will be back in the Philippines on September 24.—LDF, GMA News