Bongbong Marcos urges Singapore businessmen to invest in PH

President Ferdinand “Bongbong” Marcos Jr. on Wednesday encouraged Singaporean businessmen to invest in the Philippines’ renewable energy, smart and innovative economy and infrastructure development under the government’s “Build Better More” program.

“To our partners in Singapore, I offer you the assurance of our greatest efforts in supporting businesses as we work together in achieving our economic agenda and making the Philippines your destination of choice for investment,” the Presidential Communications Office, in a statement, quoted the President as saying.

Marcos shared a recent policy change in the Philippines that allowed 100 percent equity in the exploration, development and utilization of solar, wind, hydro and ocean or tidal energy resources to attract foreign investments.

‘Startup economy’

The President said the Philippines’ startup economy also poses great potential with the country’s young and competent talent who could thrive with strong government support and a dedicated startup community.

The country has a skilled and young workforce that could do and hold various roles, he said, adding that the Philippine population’s median age of 25 years old offers greater productivity, increase in savings rate and increased creativity.

Marcos also said the Philippines seeks opportunities in the areas of financial technology as it aims to achieve its goal of 50 percent digital retail transactions and 70 percent Filipino adults with bank accounts by the end of 2023.

With the launching of his 8-Point Socioeconomic Agenda, Marcos said the government aims to reinforce the Philippine economy’s steady recovery and high growth trajectory. He noted efforts to further promote investments, improve infrastructure, achieve energy security, create jobs and develop priority industries.

“Let me also take the opportunity to encourage you to participate in the infrastructure projects under the banner of the Build Better More program, which aims to facilitate mobility and connectivity for businesses and for people,” Marcos said.

“There are numerous projects that can be explored in the areas of physical and digital connectivity, water resources, agriculture, health and energy,” he added.

To make the country attractive to investors, the President said he issued Executive Order No. 18, establishing green lanes for strategic investments, which will streamline permits and license processing.

Marcos also mentioned the launching of the Maharlika Investment Fund, the country’s sovereign wealth fund, allowing the Philippines to consolidate investment funds for government programs and projects.

According to him, this will be an important addition to the country’s existing funding mechanisms through investments in strategic high-return, high-impact sectors including infrastructure.

“We look forward to exploring co-financing opportunities with foreign investors, with multilateral institutions and other sovereign wealth funds around the world,” he said.

The President is in Singapore for a working visit, which started on Wednesday when he spoke before the Asia Summit 2023.

In his meeting with business leaders and economic managers, President Marcos emphasized the healthy bilateral ties between the Philippines and Singapore, which started at the “people-to-people” level and remains the bedrock of its relations where both nations have faced really significant issues. He noted that Singapore was the largest source of foreign investments in the Philippines as he highlighted that the Philippines’ exports to Singapore went up by 16.98 percent or US$4.91 billion in 2022 from US$4.2 billion in 2021.

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