Speaker Romualdez cites gains of ASEAN Summit
ASEAN Summit an opportunity for PBBM to draw in more trade, investments to PH, promote regional peace and stability
SPEAKER Ferdinand Martin G. Romualdez on Wednesday said the 43rd ASEAN Summit in Jakarta, Indonesia presents an opportune venue for President Ferdinand R. Marcos, Jr. to boost trade and investment between the Philippines and ASEAN-member countries.
“The ASEAN summit provides an excellent venue for President Marcos to showcase the distinct advantages the Philippines has as a trade and investment hub so as to create more jobs and business opportunities for the Filipino people,” Romualdez said.
Among others, Romualdez cited legislative reforms such as the amendment to the Public Service Act, Foreign Investment Act, and the Retail Trade Liberalization Act to further open up the Philippines to the entry of foreign investments as well as incentives for investors under the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE).
Romualdez, leader of the 311-member House of Representatives, noted that with a projected growth rate of 4.9% in 2024, the region continues to see increased intra-ASEAN trade and an influx of foreign direct investments.
“The steady recovery of the region from the pandemic and its improving macro-economic fundamentals amid geo-political headwinds makes ASEAN a favored destination of foreign investments and the Philippines can capitalize on this trend for the benefit of our people,” Romualdez said.
He noted that in addition to the 43rd ASEAN Summit, the Jakarta gathering of regional leaders would also include related summits of ASEAN with dialogue partners such as the United States, China, Canada, Japan, South Korea, as well as with the United Nations.
Likewise, Romualdez pointed out that President Marcos is expected to have bilateral meetings with other state leaders attending the ASEAN Summit, as well as separate engagements with Indonesian business leaders.
“These engagements are important venues for the President to also promote our national interest,” Romualdez said.
In his departure statements, President Marcos said that in his participation in the 43rd ASEAN Summit, he would highlight the need to promote a rules-based international order, including in the South China Sea.
Likewise, the President said he would call attention to other advocacies of the Philippines such as strengthening food security, calling for climate justice, tapping the potential of the digital and creative economies, protecting migrant workers in crisis situations, and combatting the crime of trafficking in person.
President Marcos vowed that his administration would continue to ensure that constructive engagement with ASEAN and its dialogue partners would serve our national interest and the well-being of the Filipino people.
