PBBM, ipinagmalaki ang pag-unlad ng ekonomiya at ease of doing business sa Pilipinas
PBBM, ipinagmalaki ang pag-unlad ng ekonomiya at ease of doing business sa Pilipinas
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00:00 In other news, President Ferdinand R. Marcos Jr.
00:03 announced the development of the economy and ease of doing business in the Philippines.
00:07 This was said by the President of the World Economic Forum Country Roundtable
00:12 held in Bansano, where he invited foreign businessmen
00:16 who are leading or are leading in the Philippines.
00:19 Kenneth Paciente has a report.
00:21 Clearly, the Philippines is in a prime position to enter into a sustained period
00:29 of robust economic expansion over the next couple of years.
00:33 President Ferdinand R. Marcos Jr. has made the State of the Philippines
00:38 an investment hub in front of local and national companies and organizations
00:43 after the World Economic Forum Country Roundtable held in Bansa.
00:48 According to the President, the previous discussion-only potential of the Philippines
00:53 has yielded results as the strongest performing Southeast Asian economy.
00:57 With the growth of the executive branch, after 10 years,
01:01 the Philippines' economy is now one of the strongest in Asia.
01:04 The country's growth performance was largely driven by the resiliency of domestic demand,
01:10 an impressive feat against a backdrop of elevated prices and overlapping crises in the global market.
01:18 It comes as no surprise that investments, particularly in durable equipment and public construction,
01:25 emerged as a key driver of our full-year growth.
01:29 However, the government did not sit idly by.
01:32 Since taking office, the administration has made many steps
01:37 to maintain and improve the country's investment-led growth.
01:41 Currently, the government's target is the 185 infrastructure flagship projects
01:46 that are worth P9 trillion or US$163.
01:51 These projects, which offer high rates of return and enjoy streamlined processes,
01:56 target strategically important sectors for sustainable development,
02:00 such as physical and digital connectivity, agriculture, energy, health, and climate-resilient infrastructure.
02:08 The President also encouraged the speed-up of investment,
02:12 whether local or foreign,
02:14 as this will improve the ease of doing business due to the green lanes laid out for strategic investments.
02:22 This directly addresses binding constraints to investments that have long impeded the flow of capital into the country.
02:29 A sustainable future will not be shaped by siloed thinking and short-term policymaking.
02:36 With the advent of the Fourth Industrial Revolution,
02:40 we have reformed our corporate income tax structure and fiscal incentive system
02:46 to attract investments in strategically important industries.
02:50 The President also mentioned the creation of the Corporate Recovery and Tax Incentives for Enterprises, or CREATE Act,
02:56 which the Philippines is placing as a strategic hub for high-quality investments
03:01 through the provision of longer income tax holidays and increased income tax deductions.
03:07 The President also expanded the country's first sovereign fund.
03:12 The Maharlika Investment Fund is designed to serve as a magnet for equity financing from abroad
03:18 and a vehicle for driving long-term growth without compromising efforts towards fiscal consolidation.
03:24 The President also strengthened economic ties between the two countries to promote inclusive cooperation,
03:31 including the Indo-Pacific Economic Framework for Prosperity,
03:35 the ASEAN-Australia-New Zealand Free Trade Agreement,
03:38 and the Regional Comprehensive Economic Partnership.
03:41 But all this is a mere glimpse into the world of opportunities lying in wait here
03:47 in one of the fastest-growing economies in the world.
03:50 I extend an invitation to our guests and partners here today to join us in this exciting new phase.
03:57 And I sincerely hope that today's event will serve as the fertile ground
04:01 on which new and stronger partnerships will take root and flourish.
04:07 Kenneth Paciente, for Pambansang TV in the new Philippines.