PH OPEN FOR BUSINESS
THE Philippine delegates to the World Economic Forum (WEF), led by Speaker Ferdinand Martin Romualdez will reiterate to the world that the Philippines is open for business and is among the best places for foreign investment.
Romualdez is in Davos, Switzerland attending 2024 WEF to which the delegates will keep burning the message President Ferdinand R. Marcos, Jr. imparted last year: that the Philippines is open for business and it is the best place in the region for foreign investments.
“We want to reiterate the message so it is not lost. We will repeat the message that the Philippines is open for business, we are strong, and we are united,” Romualdez said during the discussions at the welcome lunch for the Philippine delegation held at Hotel Belvedere in Davos.
WEF head of Business Engagement for the Asia-Pacific Clara Chung, WTO Permanent Representative Ambassador Manuel A.J. Teehankee, Philippine Ambassador to the Swiss Confederation and Principality of Liechtenstein Bernard Faustino Dy, and other affiliates welcomed the Philippine delegation.
Romualdez noted, among others, the sound economic fundamentals of the Philippines, which is located in the fastest-growing region in the world today.
“(We have) great fundamentals: the macro figures are fantastic. We are in the fastest growing region, we are the bright spot amid the global recession that we are suffering from. And within that bright spot, we look at the Philippines as the best country to invest in,” Romualdez said.
According to WEF’s 2024 Chief Economist Outlook, majority of chief economists expect the global economy to weaken over the next year with the most buoyant economic activity still expected in South and East Asia.
Romualdez noted that the Philippines enjoys a very stable government, with a strong and very popular leader in President Marcos, Jr., who has over four years remaining in his term and pursuing a vision of fostering an inclusive, resilient, and sustainable growth trajectory for a thriving society.
Likewise, the House leader highlighted efforts to make the Philippines more investor-friendly, particularly the move to relax the restrictive provisions of the 1987 Constitution.
“It would be a welcome development for our trade partners. So this is no longer a concept or a desire, just like the Maharlika (Investment Fund) was. It proves that ‘we walk the talk.’ When we talk about opening up our economy, then we actualize it through acts that are clearly tangible. Again, thanks to the leadership of the Marcos administration,” Romualdez said.
Moreover, Romualdez said the Philippines now has an investment vehicle through its sovereign wealth fund, or the Maharlika Investment Fund.
Following the welcome luncheon, Speaker Romualdez was formally welcomed to the Forum by WEF President Borge Brende at the Congress Center in Davos. The opening day of the WEF culminated with the Crystal Awards rites in the evening and a welcome concert.
