ECONOMIC PROSPERITY. House of Representatives Speaker Ferdinand Martin Romualdez highlights the initiatives of President Ferdinand R. Marcos Jr. to open the country’s doors to foreign investments, in his message during the cocktails he hosted for the delegation to the World Economic Forum (WEF) Country Roundtable at the historic Laperal Mansion in San Miguel, Manila on March 19, 2024. Romualdez, in a statement on Thursday (March 21, 2024) said the WEF’s forecast that the Philippines could become a USD2-trillion economy in the next decade is a milestone in the country's journey towards "economic prosperity." (Photo courtesy of Speaker’s office)
MANILA – House of Representatives Speaker Martin Romualdez said the World Economic Forum’s (WEF) forecast that the Philippines can become a USD2-trillion economy in the next decade is a milestone in the country's journey towards "economic prosperity."
In a statement on Thursday, Romualdez said the anticipated economic growth could be attainable with the government's fiscal strategy and efforts to promote further investments.
He also expressed optimism that with a sustained growth of 7 percent to 8 percent annually, the Philippines could achieve this target within a decade.
"This growth is not just a statistic; it represents a transformative shift in the lives of our citizens," Romualdez said.
"Our path to this economic milestone is founded on strategic investments that enhance the well-being and opportunities for our people. It’s about creating an environment where every Filipino can thrive."
He pointed out that the country's economic stability and growth potential have attracted international investors, while also paving the way for job creation and entrepreneurial ventures across the country.
Romualdez said legislative action, particularly initiatives to open and liberalize the economy, would also be crucial in achieving the trajectory toward the trillion-dollar mark.
He emphasized the critical role of legislative action in achieving this economic milestone, particularly the initiatives to open and liberalize the economy.
“We are committed to creating a more dynamic economic environment by amending the economic provisions of the 1987 Constitution, which have long restricted foreign investments. Our aim is to foster an inclusive economy where growth benefits every Filipino,” he said.
He said the proposed amendments to the Charter are designed to remove barriers to foreign investment, thereby stimulating economic growth, creating jobs, and improving public services.
“By liberalizing our economy, we are not just attracting foreign capital but also integrating the Philippines more fully into the global market, which in turn will spur innovation, enhance competitiveness, and create a multitude of opportunities for our people,” Romualdez said.
Aside from the proposed constitutional reforms, he also cited the need to streamline government processes and create a more business-friendly environment to leverage opportunities in manufacturing and other sectors amid global economic shifts.
"This imminent economic rise promises enhanced public services, better education, and health care, as well as sustainable employment opportunities. It's about enriching the quality of life for every Filipino," he said.
On Tuesday, President Ferdinand R. Marcos Jr. invited WEF participants to join the Philippines – one of the world’s fastest-growing economies – as it enters a sustained period of robust economic expansion over the coming years by forging new and stronger partnerships with both the public and private sectors.
“Clearly, the Philippines is in a prime position to enter into a sustained period of robust economic expansion over the next couple of years,” Marcos said.
The President cited the administration’s 185 flagship infrastructure projects amounting to more than PHP9 trillion, or about USD163 billion, targeting strategically important sectors, such as sustainable development, physical and digital connectivity, agriculture, energy, health, and climate-resilient infrastructure.
Marcos also cited key regulatory reforms the government has enforced to provide “a stable and an enabling environment” for public–private partnership (PPP) investments, such as the revisions to the Build-Operate-Transfer Law, signing of the landmark PPP (Public-Private Partnership) Code and various economic liberalization measures, including the newly established Green Lanes for Strategic Investments, the Corporate Recovery and Tax Incentives for Enterprises or CREATE Act and the Maharlika Investment Fund. (PNA)
