New York, USA
September 19, 2022
“I consider it an engagement of invaluable opportunity to share with you how we are further opening up our economy to accelerate our recovery,” said President Ferdinand R. Marcos Jr. when he addressed the New York Stock Exchange (NYSE) during a business forum held in New York, United States of America (USA).
In his public statement, the President highlighted the policies recently enacted by the Philippines to further liberalize the country’s economy and welcome more foreign investments, including the passing of legislation to lower corporate income tax rates and rationalize fiscal incentives; reduction of the minimum paid-up capital requirements for foreign retailers and startups that bring in advanced technology; and permitting full foreign ownership of companies providing public services such as telecommunications, shipping and air carriers, among others.
“To international investors, the Philippines offers high-quality labor, a large consumer market, and a wide range of fiscal and non-fiscal incentives. At the same time, we remain committed to maintaining sound macroeconomic fundamentals and providing a clear development roadmap,” he said.
The Chief Executive underscored that the Philippines and United States have strong and enduring ties in trade and commerce, adding that the US is the country’s third largest trading partner and second source of foreign direct investment applications in 2021.
“Over the past few decades, as the Philippines transformed into one of the most promising emerging markets, the United States has been among our steady partners. For that, we are truly grateful. At the same time, American companies doing business in the Philippines have benefited significantly from our economic successes,” he added.
“I wish to emphasize that the Philippines is keen to continue nurturing the ties that helped produce mutual benefits for both our economies, our organizations and our peoples,” President Marcos Jr. said.
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