Marcos’ US trip will draw investors to boost PH industries – DTI exec
The Makati skyline. (File photo by GRIG C. MONTEGRANDE / Philippine Daily Inquirer)
MANILA, Philippines — The trip of President Ferdinand Marcos Jr. to the United States will help attract investors to the Philippines who will help strengthen local industries, Trade Assistant Secretary Glenn Peñaranda said at the Laging Hand public briefing on Monday.
Marcos and his delegation are currently in the US for a series of engagements, including a bilateral meeting with US President Joe Biden.
“This is important because aside from having traders read the positive developments that show that our economy developing, we have a big population that will not only serve as a market but also as a strategic asset. Many countries want to harness this asset,” Peñaranda said in Filipino.
“It is during the president’s visit to other countries when the strengths of our country as a destination for business is highlighted. Our positioning is that we are a regional hub for sustainable, connected, and innovation-driven businesses. And also, our strengths — our competitive advantage — are our human resources, our natural resources, and our strategic position in Asia,” he added.
He cited a statement made by Trade Secretary Alfredo Pascual that the government strategy was focused on letting industry development be driven by science, technology, and innovation.
“When investors come here, they will bring the technology that will strengthen our industries,” Peñaranda said.
“In the end, what we are relying on is that this will give rise to many jobs — quality jobs — that will benefit our workers.”
Progressive groups have been questioning Marcos’ foreign trips. Several administration officials, including the president himself, defended these trips last January, saying that the country needed to reintroduce itself again to the foreign community.
This current trip is Marcos’ second to the US as president. In September 2022, he visited New York for the 77th United Nations General Assembly (UNGA).
Since being sworn into office last June 2022, Marcos has made 10 foreign trips so far.
- state visits to Indonesia and Singapore in September 2022
- UN General Assembly in the US in September 2022
- F1 Grand Prix in Singapore in September 2022
- Association of Southeast Asian National Summit in Cambodia in November 2002
- Asia-Pacific Economic Cooperation Ministerial Meeting in Thailand in November 2022
- Asean-European Union talks in Brussels, Belgium in December 2022
- state visit to China in January 2023
- World Economic Forum in Switzerland in January 2023
- official visit to Japan in February 2023
- official visit to the US this May 2023
Marcos left for the US last Sunday for his five-day official visit. So far, he had engaged Biden in an extensive discussion about the Philippines and US defense, security, and economic cooperation.
