Washington summit to bring more FDIs into Philippines

MANILA, Philippines — Several multinationals are pouring in new investments or expanding their operations in the Philippines as a result of President Marcos’ successful and historic trilateral summit in Washington recently, House Speaker Martin Romualdez said.

Romualdez also cited the successful Philippine Dialogue in the US where Finance Secretary Ralph Recto showcased before American investors the leadership of Marcos and his administration’s sound fiscal and economic policies, among other pro-business reforms.

“The enthusiastic response from investors who recognize the immense potential and opportunities that the Philippines has to offer is a strong indication that our country is poised to attract substantial investments from US corporations seeking lucrative opportunities abroad,” he said.

He cited the comment made by HSBC Public Sector Banking and Global Banking and Markets chairman Michael Ellam who recognized the Philippines’ comprehensive and decisive reform agenda, which has made it resilient despite global headwinds.

The House leader, along with Philippine Ambassador to the US Jose Manuel “Babe” Romualdez, were among the guests during the event, which drew around 90 executives from US-based funds and corporations, multilateral institutions, and the public sector.

“The Philippine Dialogue marked a significant milestone in our efforts to foster robust economic partnerships with the US,” Romualdez said.

During the event, Romualdez said several American investors with ongoing investments in the Philippines came forward to express their desire to expand their operations and gave support to the government’s plans to further improve the ease of doing business.

“The Philippines’ steadfast adherence to fiscal discipline and prudent debt management has garnered international acclaim, bolstering investor confidence and positioning the nation as a beacon of stability and growth in the Asia-Pacific region,” Romualdez said.

He added these policies are enhanced by the competitive advantage offered by the country’s young, tech-savvy, and English-speaking workforce.

Romualdez underscored the recent historic trilateral meeting among Marcos, US President Joe Biden and Japan Prime Minister Fumio Kishida as a testament to the Philippines’ growing importance in the global stage.

“This landmark gathering reaffirmed the strong bonds of friendship and cooperation between the Philippines, the US and Japan, laying the groundwork for enhanced collaboration in various strategic areas, including trade, investment, and security,” he said.

According to Romualdez, the House of Representatives is committed to support the realization of Marcos’ vision for the Philippines to achieve upper middle-income economy status by 2025.

“As we continue to chart a path towards sustainable economic development and prosperity, the House remains steadfast in our support for President Marcos and his initiatives to foster closer ties with the US and other key allies, driving forward the agenda of inclusive growth and shared prosperity for all,” he said.