PBBM welcomes Thailand-based firm’s plan to invest P2.9-B for production of fiber cement building materials in PH

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Transcript

00:00In his address to the ASEAN Business and Investment Summit, President Ferdinand R. Marcus Jr.

00:05presented the country's growing economy in the region, offering a wide range of opportunities

00:10and incentives in the sectors of manufacturing, infrastructure, technology and renewable energy.

00:16A pronouncement that immediately drew a response of a prospective Thailand-based

00:21cement manufacturing company that our Kenneth Pachenta dwells on in this story.

00:26President Ferdinand R. Marcus Jr. warmly welcomed the investment of a Thailand-based company

00:33specializing in fiber cement which will establish a manufacturing facility in the Philippines.

00:38This development occurs for boosting the economy, creating jobs, and reducing the

00:42country's reliance on imports. The investment pledge was secured after a meeting between the

00:47Philippine delegation and Shera Public Company Limited on the sidelines of the 44th and 45th

00:52ASEAN Summit and related summits in Laos. In his speech at the ASEAN Business and Investment

00:57Summit, President R. Marcus Jr. encouraged foreign leaders and investors to consider

01:01the Philippines as a prime destination for smart, sustainable manufacturing.

01:05The Philippines is an ideal hub for smart, sustainable manufacturing. So let me put on

01:13my salesman's hat for just a while and invite you to explore the investment opportunities that are

01:20on offer. President R. Marcus Jr. is targeting key industries such as battery production,

01:25energy equipment, data centers, and agribusiness. He emphasizes his administration's efforts to

01:30enhance infrastructure, manufacturing, agriculture, and the digital economy,

01:34positioning the Philippines as a prime location for sustainable industries.

01:38He highlighted significant infrastructure projects such as the ongoing improvements

01:42to Manila International Airport, the integration of island provinces through better transport links,

01:48and upgrades to major seaports. The government is also focused on expanding

01:52internet and telecommunications across remote provinces, improving access to underserved areas.

01:57Additionally, the Marcus Jr. administration has enhanced the digital skills of 1.5 million workers

02:02and introduced the national digital ID to streamline government services.

02:06The president also noted government's efforts to address flooding through new flood control

02:10projects and to increase renewable energy sources, making the country an attractive

02:15destination for electric vehicle manufacturers. For us, connectivity is a necessity and building

02:22resilience is a means of survival. From building roads that connect provinces to establishing

02:28digital infrastructure, we understand that true connectivity transcends physical links.

02:36We ensure the seamless flow of goods, of services, of people, leaving no one behind.

02:42To further encourage investment, the government is pushing forward key reforms such as the

02:46Internet Transactions Act, improvements to public-private partnerships, and the CREATE Act,

02:51which offers incentives for businesses. The administration has also simplified the

02:55process for starting businesses, for starting a business.

02:58Developing connectivity and resilience within ASEAN is more than just optimizing value chains.

03:05It is about upholding inclusive growth that uplifts every region, every community,

03:13and every citizen. In the second quarter of 2024,

03:16the Philippines approved Php 189.5 billion in foreign investments. The Marcus Jr. administration

03:23is optimistic this will spur economic growth and create more work opportunities and jobs

03:27for Filipinos. Kenneth Paciente, from the National TV Network, for a new and better Philippines.

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