President Ferdinand R. Marcos Jr. on Tuesday touted the Philippines’ outstanding economic record and soaring investments, which will make the country a major contributor to Indo-Pacific region’s economic activity.
“I am proud to share that our economic achievements have been outstanding. [In 2023], the Philippines’ 5.5 [percent] GDP growth surpassed major economies in Asia based on the latest available data,” President Marcos said in his address at the 6th Indo-Pacific Business Forum in Taguig City.
“Foreign direct investments continue to flow in, with four consecutive months of expansion.
Our investment pledges have also soared, reflecting a healthy pipeline of inward FDI,” he stressed.
Indo-Pacific Economic Framework (IPEF) partner countries play a significant role in the Philippines’ robust economic growth, contributing substantially to its FDI and approved investments, he noted.
Through these economic strengths, the administration aspires to transform the Philippine economy into a regional hub for smart and sustainable manufacturing and services, he added.
Highlighting the importance of the forum, President Marcos said the Philippines’ co-hosting of the 6th IPBF reaffirms its dedication to stronger stakeholder engagement and deeper economic ties that are worker-centered, sustainability-driven, inclusive, and targeted towards meaningful economic activity for all countries.
The forum, he said, provides a platform to the Philippines to showcase its investment opportunities, economic potential, and ongoing development projects, solidifying the country’s leadership role in the Indo-Pacific region.
“As the Philippines occupies a strategic position in the Indo-Pacific, we are leveraging our strategic geopolitical location, economic engagements, and participation in regional agreements,” said the President.
“With this region accounting for over one-third of global economic activity, this presents immense opportunities for our nation,” he noted.
Fourteen partner nations comprising IPEF have embarked on a transformative journey to foster sustainable and inclusive economic growth.
Among the key themes in the Philippine discussions include clean energy, digital transformation, supply chain resilience, infrastructure, and emerging technologies. | PND
