Make PH your prime investment destination, Marcos asks Brunei traders

Philippine President Ferdinand Marcos Jr. (center right) and Brunei’s Sultan Hassanal Bolkiah review an honor guard during an official welcoming ceremony at Istana Nurul Iman in Bandar Seri Begawan on May 28, 2024. —photo by Dean Kassim/AFP

BANDAR SERI BEGAWAN, Brunei — President Ferdinand Marcos Jr. urged business leaders here on Wednesday to “seriously consider” the Philippines as their prime investment destination, citing the country’s improved regulatory processes and simplified tax payments.

Speaking during the Philippine Business Forum here, Marcos enumerated key fiscal and policy reforms such as the Retail Trade Liberalization Act, Foreign Investments Act, Public Services Act and the Renewable Energy Act, that make the Philippines attractive for business ventures.

READ: Marcos: $100 billion investments into PH for next 5-10 years feasible

He also mentioned the enactment of his priority bills such as the Public-Private Partnership Code of the Philippines, Internet Transactions Act and Tatak Pinoy Act or “Proudly Filipino” Act.

“The Philippines is making strides as a nation in terms of improving the ease of doing business, demonstrated by our efforts to simplify tax payments and regulatory processes,” the President told business leaders and investors.

The government, according to him, had established green lanes for strategic investments, “simplifying procedures and reducing bureaucratic hurdles.”

Fast-food chain cited

“I enjoin the business leaders of Brunei to seriously consider the Philippines as your prime investment destination. We are committed to fostering mutually beneficial outcomes for the business sectors of both our countries,” he said.

The President also cited fast-food chain Jollibee, which has 19 branches here.

“Our shared passions are exemplified by Jollibee, a Philippine company with a remarkable success story in Brunei,” he said.

“Their 19 halal-certified outlets, established since 1987, reflect the Bruneians’ appreciation for Filipino brands. This forum is a platform to further strengthen business ties and foster economic growth within the Asean nations,” he added.

Direct flights eyed

To further boost the tourism industry between the two countries, the Philippines is looking at mounting direct flights from this capital city to Manila and Clark and vice versa as both countries eye to increase tourists arrivals, Tourism Secretary Christina Frasco said on Wednesday.

“As of the moment, we do have our local carriers Philippine Airlines and Cebu Pacific that already fly and of course, there is Royal Brunei as well. But our goal is that our connectivity would go directly to our tourism destinations such as Cebu and Clark,” she told reporters on the sidelines of the forum.