Marcos pushes digitalization acceleration
MELBOURNE — President Ferdinand Marcos Jr. on Tuesday pushed accelerated digitalization in the Philippines to enhance the ease of doing business for both foreign and local investors.
The Chief Executive made the remarks during his meeting with Macquarie Group Managing Director and CEO Shemara Wikramanayake during the sidelines of his participation in the ASEAN-Australia Special Summit here.
“We somehow have fallen behind in that regard, and we’re trying to catch up,” Marcos said, referring to digitalization.
“Digitization is a very important part of ease of doing business not just for investors, but for locals in their dealings with the government,” he added.
Wikramanayake expressed enthusiasm about the potential opportunities for investment in the Philippines, particularly in the digitalization and energy sector.
“I am excited to talk about what more we can be doing in the Philippines because at the moment we do advisory work in an investment bank, we bring our balance sheet to invest in,” Wikramanayake told Marcos.
“The whole digitization process, we’re excited about. Also, the energy transition we’re excited about… we certainly invest in digitization, and we invest in energy transition and mining and building bigger advisory business,” she added.
She highlighted Macquarie Group’s interest in the country’s demographic profile, particularly its young and growing population, which presents a significant opportunity for growth.
“What we’re keen to do is to partner with Southeast Asia particularly with places like the Philippines, which are proving to be very good to create that environment for the pension savers money here. To bring capital to health, investing in infrastructure, etcetera,” Wikramanayake said.
Marcos said Macquarie’s floating solar project in the Philippines would result in employment for Filipinos.
He added that an improved business setting in the Philippines would result in a better renewable energy system.
“With Macquarie Group’s 1.3 GW floating solar project in Laguna Lake, we’re creating sustainable jobs and cleaner industries,” Marcos said.
“Our green lanes and improved business environment pave the way for more initiatives like this to thrive and contribute to our nation’s renewable energy goals,” Marcos added.
For over 15 years, Macquarie Group Limited has maintained a presence in the Philippines, employing more than 1,000 individuals directly through its subsidiary, Macquarie Offshore Services. This arm of the company provides support for Macquarie’s global operations in areas such as finance, technology and risk management.