Vientiane, Lao PDR
October 9, 2024
“This Summit is a vital arena for igniting innovative collaborations between the private sector and policymakers. It is here that we forge dynamic partnerships that will elevate ASEAN’s standing in the global economic landscape and also empower us to confront challenges with connectivity and with resilience,” stated President Ferdinand R. Marcos Jr. as he emphasized the critical need for enhanced connectivity and resilience across the Association of Southeast Asian Nations (ASEAN) Economic Community.
Under the theme ‘ASEAN: Enhancing Connectivity and Resilience,’ the Summit served as a platform for discussing innovative solutions to boost regional economic integration.
In his keynote speech, President Marcos Jr. pointed out that the Philippines, situated in the Pacific Ring of Fire and prone to natural disasters, has a unique understanding of the importance of resilience. “For us, connectivity is a necessity and building resilience is a means of survival,” he remarked.
The President outlined multiple infrastructure projects to improve transportation and digital connectivity, including the recent inauguration of the Panguil Bay Bridge that significantly reduces travel time between provinces. He also emphasized the Philippines’ efforts to bridge the digital divide through investments in national fiber optic networks.
In addressing climate change, President Marcos Jr. announced ambitious targets for renewable energy, seeking to achieve a 35% share in the energy mix by 2030 and 50% by 2040. He underscored the government’s commitment to attracting foreign investments in renewable energy, allowing 100% foreign ownership of projects and expediting approvals for strategic investment.
“From July 2022 to April of this year, 13 renewable energy projects have been completed, with more in the pipeline,” he stated, highlighting the Philippines’ potential as a leader in clean energy storage in Southeast Asia.
The Chief Executive also showcased the thriving manufacturing sector, particularly in chemicals, as a pillar of economic growth. He noted that the government is equipping 1.5 million workers for the global gig economy and rolling out a digital National ID to improve access to essential services.
In a call to action for investors, the President invited attendees to explore opportunities in green metals, battery manufacturing and agribusiness. He cited recent reforms, such as the Public-Private Partnership (PPP) Code and the forthcoming CREATE MORE Act that aim to enhance fiscal incentives and streamline business processes.
“Let us build bridges that transcend borders, shaping a future where every member of the ASEAN family has a path to success… Come and join us as we walk into the future,” President Marcos Jr. concluded in his message.
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