Kuala Lumpur, Malaysia
July 27, 2023
“The Philippines has shown healthy signs of recovery from the economic downturn brought about by the pandemic. We are very proud to have registered a 7.6% growth rate in 2022. This makes the Philippine economy one of the best performing in the region,” President Ferdinand R. Marcos Jr. shared with the Malaysian business leaders at the Philippine Business Forum in Kuala Lumpur.
As the Administration aggressively strives to promote the Philippines’ investment climate, the President outlined the country’s economic development plan in his keynote address. This includes policies and programs set in motion to further encourage strategic partnerships toward regional growth and investments.
President Marcos Jr. acknowledged the passage of key landmark legislations that have opened the sectors of air transport, telecommunications, shipping, retail and renewable energy projects to foreign ownership. He also noted the reduction in tax rates, the improved mechanism for tax and duties incentives in the country, and the establishment of ‘green lanes’ for strategic investments. These initiatives are designed to facilitate the critical investments necessary for the development and competitiveness of the economy.
Moreover, he highlighted the Philippines’ milestone participation in the Regional Comprehensive Economic Partnership (RCEP), asserting further that it serves as a catalyst that will stimulate further collaborations among businesses.
“With our participation in multilateral cooperation such as RCEP, we are strengthening our participation in regional supply chains, with an objective of attracting more foreign direct investments. The Philippines looks to foster economic partnerships with our fellow ASEAN Member Countries, especially Malaysia, through this RCEP,” he said.
“Let me end with this assurance, that we are committed and will continue to commit our support to Malaysian investors. I thank you for your interest and your confidence and I look forward to the Malaysian business community coming to the Philippines and working together with their Filipino counterparts in partnership to unlock value not only in our two countries but in our entire region,” he stated in his closing message.
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