As the current administration works towards economic transformation and recovery from the COVID-19 pandemic and other global shocks, President Ferdinand R. Marcos Jr. invited the Cambodian business sector to invest in the Philippines.
During a CEO roundtable meeting in Cambodia, Marcos asked Cambodian businesses to look into the economic opportunities available in the Philippines as it opens doors to more partnerships.
“We will explain to you exactly what we have done and why we have done it, and where we have arrived in that process of transforming the economy,” he said.
“I do not talk about recovery of the economy, I talk about transformation of the economy because the new economy is going to be different from everything that we did in 2019. And so this is what we are looking forward to, and I hope to see you all in the Philippines soon,” he added.
The President said his administration has updated processes and policies in a bid to establish more public-private and government-to-government partnerships to aid the economy.
He also mentioned working for direct investments for the manufacturing sector, a major economic growth contributor.
The Philippine Statistics Authority (PSA) reported on Thursday, Nov.10, that the economy expanded in the third quarter of 2022, posting a gross domestic product (GDP) growth of 7.6%.
The unemployment rate also improved to 5% in September 2022, the lowest since the onset of the COVID-19 pandemic.
“It looks like the route that we have taken is taking the economy in the right direction and as I was telling some of the Cabinet members, I think the Philippine economy, the important elements are in place and you can feel that our economy is trying to grow but is really being pummeled by the forces outside of which we have no control,” Marcos told Cambodian businessmen. AG
