MANILA – The Philippines is the “right” investment destination, a Filipino business tycoon leading the Private Sector Advisory Council (PSAC) told American investors on Tuesday (Manila time).
Speaking before the United States business leaders in New York City, PSAC convenor and Aboitiz Group chief executive officer, Sabin Aboitiz, said the Philippines is ripe for investment, noting that the country is back on the “fast track” to its recovery from the coronavirus disease 2019 (Covid-19) pandemic.
“Now, more than ever, with the dawn of a new era of digital progress, and an environment that has never been more enabling and conducive for business, the Philippines is ripe and open for investment,” Aboitiz said in a speech delivered during the New York Stock Exchange (NYSE).
In his keynote speech delivered at the NYSE Economic Forum, President Ferdinand “Bongbong” Marcos Jr. enticed more US investors to do business in the Philippines, assuring them that the country has a “robust” and “resilient” economy.
Aboitiz backed Marcos and expressed confidence that the current administration will live up to its promise to make the Philippines a “transformed” nation.
He also guaranteed the US business community that the country has “promising possibilities of the future” and “massive economic potential,” considering that it remains one of Asia’s fastest-growing economies.
“So, we are here today to support our President and his genuine efforts to revitalize this relationship and remind you of our commitment,” Aboitiz told American investors and traders.
“We support his efforts to assure you of the integrity, of the stability, and the solidarity of his administration and the Philippine economic system, which is not without wounds but neither without the determination to heal them,” he added.
‘Strong leader with a compelling vision’
Aboitiz also assured US investors that Marcos has the ability to bring together the best minds in business and use them to find real solutions to real problems.
To strengthen the private-public partnerships, the Marcos administration will build the critical infrastructure needed to support all industries and enable businesses to thrive on a globally competitive scale, Aboitiz added.
Aboitiz issued the statement, as he vouched for the competence of Marcos, who he described as “a strong leader with a compelling vision and a political will.”
“With a unified support of our Congress and the Filipino people, the new Marcos administration is taking a whole-of-government and -nation approach to deliver on its promise to transform our economy,” he said.
“We in the business community believe in this vision. And as our long-time allies and partners, we hope you will too,” Aboitiz added.
‘Next big thing in Asia’
Aboitiz also expressed optimism that the Philippines will become the “next big thing in Asia,” given the current decisive and action-oriented leadership style of Marcos.
“And this is the kind of inclusive and collaborative leadership that will transform our economy into the next big thing in Asia,” he said.
Aboitiz said the country has a large pool of young, talented, and English-proficient workforce, as well as more economic opportunities for foreign investors.
He noted that the Philippines has numerous operating economic zones and IT parks that are fully equipped with support capabilities, making it easier for foreign companies to do business with convenience.
He said the country likewise has bountiful and beautiful natural resources that provide investment opportunities in the agriculture and tourism industries.
The Philippines' business process outsourcing, electronics, manufacturing, creative, maritime resources, and export sectors have similar potential with track records of success, Aboitiz added. (PNA)
