The International Chamber of Commerce Philippines on Saturday said the administration of President Ferdinand Marcos Jr. has been positioning the Philippines as an ideal investment destination.
In a media roundtable in Quezon City, ICC director general Jess Varela said sustained engagement with global economies will benefit the Philippines. Marcos is presently in Japan for his ninth visit abroad to seek investments and trade partnerships.
“Less than a year in office, the Marcos administration appears to be on the right track in putting the Philippines from the periphery to the center of business, trade and even geopolitics,” Varela said.
Varela added Mr. Marcos’s working trips overseas can secure capital inflows into the country.
“These visits, you know, would definitely provide the necessary confidence building and the rekindling of relationships between our countries,” he added.
ICC, for example, has been receiving proposals in the field of wastewater management, health care, biofuel, marine mineral processing and technology, among others, Varela points out.
According to a report of the Philippine News Agency, Trade Undersecretary Ceferino Rodolfo has projected that the investment pledges from Marcos’ Japan trip will reach about $10 billion.
“As I see it, from our very own, from the ICC Philippines, we see deals reaching several millions) that will be dealt with by medium enterprises, the LGUs (local government units) and Japan,” Varela said.
From January to 9 February, the Board of Investments had already registered P414 billion worth of investments from local and foreign sources.
Apart from foreign trips, Marcos’ general “friend to all and an enemy to none” foreign policy also bodes well for the economy, Varela said.
Mr. Marcos, however, must expertly navigate Manila’s position and interests amid the tugging geopolitical forces.