Finance Secretary Benjamin Diokno joined the official delegation of President Ferdinand “Bongbong” Marcos, Jr. on his first-ever state visit to Indonesia in a bid to reaffirm economic ties and invite Indonesian businesses to explore trade and investment opportunities in the Philippines.
“The meeting signals that the Philippines is open for business. With our globally competitive workforce, favorable business environment, and high investments in infrastructure, we are ready to welcome investments from the world,” said Secretary Diokno in a tweet, following a roundtable discussion with the Indonesian business community.
President Marcos, Jr. and his economic team arrived in the capital city of Jakarta on Sunday morning and spent a festive evening with the Filipino community.
On Monday morning, President Marcos, Jr. and First Lady Marie Louise “Liza” Araneta Marcos were welcomed by Indonesian President Joko Widodo and First Lady Iriana Joko Widodo, at the Bogor Presidential Palace, where the two chief executives held bilateral meetings.
At the business roundtable discussion on Monday afternoon, President Marcos, Jr. said that the Philippines is open and eager for business.
The President told business leaders in Indonesia that his government has begun efforts to improve bureaucratic efficiency and the ease of doing business in the Philippines.
He said that his administration is refining fiscal management and promoting job-generating investments, building an infrastructure program, and ensuring energy security.
President Marcos, Jr. said that the Philippines is serious about investing in its people by increasing their employability, encouraging research and development, embracing innovation, and enhancing the digital economy.
The President added that despite the setbacks that economies in the region experienced in recent years due to the pandemic, he is confident that the Philippines is poised for robust growth in the coming years.
The Philippines is among Southeast Asia’s best performing economies, with a gross domestic product (GDP) growth rate of 7.8 percent for the first half of 2022. This is above the Development Budget Coordinating Committee’s (DBCC) full-year growth target of 6.5 to 7.5 percent.
The DBCC also projects the Philippines to grow by 6.5 to 8.0 from 2023 to 2028. Analysts consider these near-term growth projections to be the highest among the ASEAN+3 countries, which include Japan, South Korea, and China.
President Marcos, Jr. commended Indonesia for its strong regulatory system for businesses, and the Indonesian companies for their contribution to the Philippine economy.
He told business leaders in Indonesia that he and President Widodo have agreed to organize task forces to work on several industries, including agriculture, mining, and seaweed culture.
“Prospective Indonesian partners signified their strong interest to invest in renewable energy, textile and garments, agricultural products and inputs, digital transformation, and construction, among others,” said Secretary Diokno.
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