PRESIDENT FERDINAND R. Marcos Jr. on Wednesday urged business leaders in Brunei Darussalam to seriously consider the Philippines as their “prime investment destination,” touting the country’s brimming economic potential and improved regulatory processes.
“I enjoin the business leaders of Brunei to seriously consider the Philippines as your prime investment destination. We are committed to fostering mutually beneficial outcomes for the business sectors of both our countries,” Marcos said at the Philippine Business Forum in Brunei’s capital city of Bandar Seri Begawan.
“Together, let us approach the future with determination and confidence, striving towards shared prosperity and success. Let us all make it happen in the Philippines. Let us do it together,” he added.
In his message, Marcos enumerated key policy reforms and legislations that support the proposition for the Philippines as Brunei’s strategic partner for regional growth and investments.
The President cited the Retail Trade Liberalization Act, the Foreign Investments Act, Public Services Act, and the Renewable Energy Act, which he said, liberalized foreign ownership in sectors such as air transport, telecommunications, shipping, retail, and renewable energy projects.
He also underscored the steps taken to improve the ease of doing business, demonstrated by efforts to simplify tax payments and regulatory processes such as the establishment of Green Lanes Initiative for Strategic Investments to streamline the process of investment approvals for strategic projects.
The establishment of the Maharlika Investment Fund, the President said also demonstrated the country’s commitment to finance priority projects and drive socio-economic development.
The Chief Executive also shared the recent enactment of three priority bills, which further the developmental goals, namely the Public-Private Partnership (PPP) Code of the Philippines, the Internet Transactions Act, and the Tatak Pinoy Act or the “Proudly Filipino” Act.
Stronger PH-Brunei ties
In the same speech, Marcos also conveyed the Philippines’ commitment to strengthening business ties with Brunei and foster economic growth within the Association of Southeast Asian Nations (ASEAN).
This as the President reaffirmed the unwavering commitment of the Philippines to regional economic integration on multiple fronts.
He said the Philippines sees vast potential in sectors such as agribusiness, renewable energy and Halal industry development.
“We stand firm in strengthening the business relations between the Philippines and Brunei Darussalam. Our partnership is a symbol of the shared aspiration to foster economic growth and shape a more vibrant ASEAN community,” Marcos said.
Marcos is on the last day of his two-day state visit in Brunei, coinciding with the 40th anniversary of the bilateral relations between the two Southeast Asian countries.
Along with Sultan Hassanal Bolkiah, the President witnessed on Tuesday the signing of agreements for cooperation on key areas such as maritime cooperation, agriculture, seafaring, and tourism. (Darryl John Esguerra)
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