Marcos: Govt working to attract investments

THE government is bent on securing foreign investments while also focusing on worker upskilling and the adoption of new technologies to sustain economic growth, President Ferdinand Marcos Jr. said.

Responding to questions on Tuesday from participants of the World Economic Forum (WEF) Country Roundtable on the Philippines, Marcos said new initiatives had been launched to attract investments from both the private sector and other governments.

“[T]hese investments also must be directed properly,” he added. “They cannot be just investments that are perhaps very profitable but do not really help the economy grow.”

The “main aim,” Marcos continued, is “that we grow the economy out of the doldrums of the postpandemic situation.

The government is particularly looking for investments in the digital space, processing of “green” minerals and battery production, he said.

Prospective investors also have to ensure that Filipino workers benefit in terms of new skills to make them more competitive.

“Whenever we speak on investments I always ask the prospective investor if we have in fact a training program, if there is a transfer of technology, because this is going to be essential,” Marcos said.

“This continuous training and upskilling of our workers is conducted not only so that they are able to work in the areas that are important in the new economy … [also] a very significant part of our economy is dependent on our overseas workers.”

The WEF country roundtable, said to be the first in the region since the pandemic, brought together global executives and local public and private sector officials for discussions about the country’s growth prospects.

In a speech during the event, Marcos touted the Philippines’ resilience and continued economic growth amid new global headwinds.

He cited government efforts such as a focus on priority infrastructure projects, reforms to improve the ease of doing business in the country, a newly established sovereign wealth fund, and a push to boost trade and economic ties across the region.

“[A]ll this is a mere glimpse into the world of opportunities lying in wait here in one of the fastest-growing economies in this part of the world,” Marcos said.