President Ferdinand Marcos Jr. encouraged foreign investors to explore the Philippines' diverse industry opportunities during the 44th and 45th ASEAN Summit and Related Summits held in Lao PDR.
“So, let me put on my salesman’s hat and invite you to explore the investment opportunities we offer. We are targeting industries like green metals, battery manufacturing, energy equipment, data centers, and agribusiness,” Marcos said during his speech for the Association of Southeast Asian Nations Business and Investment Summit (ABIS) 2024 on Wednesday.
He emphasized that the Philippines is an ideal hub for smart and sustainable manufacturing, underlining the country's focus on aggressive development in infrastructure, manufacturing, agriculture, and digital connectivity.
The president further mentioned legislations that support the goals he discussed such as the Public-Private Partnership (PPP) Code, the Internet Transactions Act, Executive Order No. 18 series of 2023, and Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE Act).
President Marcos stated that the Philippine manufacturing sector continues to grow despite emerging global challenges, citing the ongoing rise in the Purchasing Managers’ Index as evidence that industries can prosper in uncertain conditions when built on a strong foundation.
Furthermore, he remarked that the chemicals industry represents one of the largest sub-sectors in the manufacturing sector, acting as a major support for a variety of industries, including agriculture, automotive, cement, creative fields, construction, energy, health, and pharmaceuticals.
As part of the ASEAN Summit activities, the President participated in the ASEAN Business and Investment Summit, an annual event that assembles world leaders, ASEAN representatives, and other stakeholders to tackle critical regional issues.
