Marcos wants Philippines to become hub for smart manufacturing

MANILA, Philippines — The Philippines is counting on its strengths and engagements to transform its economy into a regional hub for smart and sustainable manufacturing and services, President Marcos said, as he urged investors to unlock the growth opportunities offered by the country’s “thriving” economy.

In his keynote remarks during the Indo-Pacific Business Forum in Taguig City, Marcos said the Philippines occupies a “strategic position” in the region and is leveraging its geopolitical location, economic engagements and participation in regional agreements.

He noted that the Indo-Pacific region accounts for over a third of global economic activity, a condition that he said presents “immense opportunities” for the Philippines.

The President described the Philippines’ economic achievements as “outstanding,” citing the Philippines’ 5.5 percent GDP growth last year, which surpassed major economies in Asia and the four consecutive months of expansion of its foreign direct investments (FDIs).

“Through these economic strengths, we aspire to transform the Philippine economy into a regional hub for smart and sustainable manufacturing and (services),” he said.

The Chief Executive reiterated the importance of forging partnerships, saying Indo-Pacific Economic Forum partner-countries play a key role in the Philippines’ robust economic growth and contribute substantially to its FDI and other approved investments.

Indo-Pacific investors have the potential to contribute significantly to the expansion of micro, small and medium enterprises, which contribute the bulk of the employment in the country, according to Marcos.

Marcos went on to enumerate measures and collaborations that are seen to make the Philippines a more attractive investment destination.

He mentioned the Luzon Economic Corridor, a project launched during last month’s historic trilateral summit in Washington.

He said the government has earmarked key projects to spur growth in the corridor and to create strategic connections between Subic, Clark and the Calabarzon region, which he called “a prime location for export-manufacturing firms.”

“These initiatives will enhance freight transport services, mobility and