Marcos woos Brunei business leaders

PRESIDENT Ferdinand Marcos Jr. on Wednesday urged business leaders in Brunei to consider the Philippines a prime investment destination.

«Together, let us approach the future with determination and confidence, striving toward shared prosperity and success,» Marcos said during the Philippine Business Forum organized by the Department of Trade and Industry in partnership with the Department of Agriculture and the Brunei Economy Program, one of the highlights of his two-day state visit in the sultanate.

Marcos said good Philippine investment areas include agribusiness, renewable energy and the halal industry.

President Ferdinand Marcos Jr. speaks at a business forum in Bandar Seri Begawan on May 29, 2024. PCO PHOTO

The President added that the Philippines and Brunei were developing two key economic corridors: the West Borneo Economic Corridor, encompassing Brunei Darussalam, and the Greater Sulu-Sulawesi Corridor, covering Palawan and parts of Mindanao. These, he said, were designed to integrate production with supply chains, offering abundant opportunities for small and medium enterprises to flourish.

Marcos hailed the Brunei Darussalam Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA) as a beacon of economic integration and development.

«Together, we can harness the full potential of BIMP-EAGA to build a prosperous and sustainable future for all,» he said.

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Marcos added that policy reforms under his watch, such as the Retail Trade Liberalization Act, the Foreign Investments Act, the Public Services Act and the Renewable Energy Act, could further boost business relations between the Philippines and Brunei.

«Through these measures, we have liberalized foreign ownership in sectors such as air transport, telecommunications, shipping, retail, and renewable energy projects,» he said.