President Ferdinand “Bongbong” Marcos Jr. rang the closing bell of the New York Stock Exchange on Monday, September 19 (Tuesday, September 20, Manila time), signaling the end of the day’s trading at the NYSE.
Marcos, who is on the second day of his six-day trip to the United States, said his engagement at the NYSE serves as an “invaluable opportunity” to share with business leaders how the Philippines is ramping up efforts to open up the economy and accelerate post-pandemic recovery.
“Bouncing back from the pandemic, the Philippine economy has seen robust growth since last year and has returned to its path toward upper-middle-income country status, achievable within
the next few years,” Marcos said in a speech.
The chief executive said the country increased the scope for mutually beneficial investments that would mean more jobs and a better quality of life.
“For investors, doing business in the Philippines is an opportunity to reap the benefits of a vibrant economy,” said Marcos.
Marcos cited key legislations that further liberalize the economy, which include lowering corporate income tax rates and rationalizing fiscal incentives; reducing the minimum paid-up capital requirements for foreign retailers and startups bringing in advanced technology; and allowing full foreign ownership of companies providing public services.
This wide range of fiscal and non-fiscal incentives makes the Philippines a key destination for investments, Marcos said, adding that the country remains committed to maintaining sound macroeconomic fundamentals.
“In the near-term, our top priorities are protecting the purchasing power of families by managing inflation, reducing the scarring effects of the pandemic, and ensuring sound macroeconomic fundamentals,” said Marcos.
Marcos said his administration is keen on implementing policies that enhance food security, reduce energy, transport, and logistics costs, strengthen social protection, and enhance the quality of education and skills of workers.
“As we pursue our short-term agenda, we build the foundations for a stronger, more inclusive future. Our medium-term agenda includes reducing the poverty rate to single digits by 2028 and undergoing an industrial transformation through which science, technology, innovation, and sustainability will drive our industries,” added Marcos.
The President said that despite “external headwinds,” the Philippine economy’s resilience, reinforced by sound policies and decisive leadership, “makes us confident about the future.”
Marcos, who leads the way in wooing foreign investments in a bid to boost jobs, is set to deliver the Philippine national statement at the 77th session of the United Nations General Assembly on September 20.
Marcos will be the first leader of the Association of Southeast Asian Nations to deliver a statement at this year’s high-level General Debate.
Aside from sharing the country’s views on various global concerns at the UNGA, Marcos will meet with world leaders on the sidelines of the UN assembly.
He will also continue to hold dialogues with foreign investors and big businesses to invest in the Philippines, especially as the country rebounds from the pandemic. (PND)