00:00 The Philippines is open and ready for business to foreign investors.
00:05 That is the core of the speech of President Ferdinand R. Marcos, Jr. in today's 10th Asia Summit in Singapore.
00:11 According to President Marcos, in the midst of challenges, the interest and political will of the Philippine government remains strong
00:19 in economic development, social progress and sustainable development.
00:23 Our nation's story is one of resilience, of a people who rise above challenges and seize opportunities to build a better tomorrow.
00:33 Despite inflation, he said the Philippines' economy grew 7.6% last year, the fastest rate of growth in the country since 1976.
00:42 The president added, "The Philippines is a large market for businessmen, especially with consumers spending of approximately 100 million."
00:50 He also dwelt on the Mahalika Investment Fund.
00:53 The fund is designed to consolidate investable funds from government and financial institutions to further drive economic development through strategic investments both domestically and overseas.
01:07 He said, "The location of the Philippines is also strategic in Asia. It is also a member of RCEP, Original Comprehensive Economic Partnership.
01:16 The country has many opportunities for growth in various sectors like in digital, manufacturing and tourism."
01:23 President Marcos also mentioned the strength of Filipinos in English-speaking, particularly in business processing and outsourcing.
01:30 The government is also focusing on education.
01:33 The president also highlighted the progress of Filipino customer service and support, especially in healthcare services.
01:40 "We are the number one country of choice for the delivery of customer support in the healthcare services and one of the top destinations for outsourcing overall, second only to India.
01:53 Several data centers are already operating in the Philippines, including Google, Microsoft, Amazon and Meta, amongst others. Yours could be the next one."
02:04 On the matter of the infrastructure program, he said, "The government is also repairing and upgrading ports, power plants, transport networks and energy facilities that will help business operations.
02:16 There is also public-private partnerships to invest in."
02:19 The government is also focusing on fighting climate change and tapping into renewable energy sources.
02:25 "To clarify that, the new law, the Public Service Act, allows now, which was not really allowed before, allows now fully 100% foreign ownership when it comes to renewable energy.
02:40 Last year, our Department of Energy released a circular which modified the implementing rules and regulations of our country's Renewable Energy Act."
02:50 There is also reforms in the country's taxation system to ease the accommodation of foreign investors.
02:56 "To those who are looking to invest in the Philippines, we offer incentives, tax breaks and robust legal frameworks that safeguard the interests of foreign investors.
03:06 Intellectual property rights are protected, ensuring that innovation flourishes within our borders.
03:14 We also note that geopolitical stability and regional cooperation are cornerstones of our foreign policy.
03:22 We are dedicated to peaceful relations and collaboration that foster a conducive investment and business climate."
03:31 This forum is attended by world leaders, CEOs, top executives, leaders and influencers.
03:38 It is highly regarded as an important platform to discuss solutions to various regional and even global issues.
03:45 While in Singapore, Malacanang in an earlier statement said that the chief executive will also meet with business leaders.
03:52 In addition, Singaporean Prime Minister Lee Hsien Loong also invited the President to the finals of the Formula One Singapore Grand Prix 2023, Alan Francisco, for the nation.
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