By Dean Aubrey Caratiquet
“The Philippines is positioning itself as a premier destination for smart, sustainable manufacturing and high-value services.”
Reaffirming the Philippines’ unwavering commitment to its decades-old relationship with Vietnam, President Ferdinand R. Marcos Jr. presided over the Philippines-Vietnam Business Forum with reinvigorated optimism on the future of both nations.
In his speech at a hotel in Manila on Monday, the President hailed the visit of Vietnamese President Tô Lâm, which bears an indispensable role in economic resilience, mutual growth, and a shared resolve towards an integrated ASEAN.
President Marcos Jr., moreover, cited the country’s hosting of ASEAN 2026 as an immense opportunity to bring together representatives of the 11-nation bloc to work on a shared goal anchored in unified trust, respect, and adherence to international law.
In the same vein, the Philippine chairship of ASEAN 2026 prioritizes the swift implementation of the ASEAN Digital Economy Framework Agreement, the first region-wide legally binding digital economic pact in the world that is set to make a precedent for technological growth in the region.
Some achievements cited by the President in his speech include USD424 million in digital monolithic integrated circuits and USD200 million in electric motors exported by the Philippines to Vietnam, with the latter reciprocating by providing more than USD1.32 billion in high-quality rice and essential electronic apparatuses.
Among the business-friendly structural reforms shared by President Marcos Jr. were as follows:
- CREATE MORE Act
- Amendments to Foreign Investments Act
- Amendments to Retail Trade Liberalization Act of 2000
- Measures liberalizing the lease of private lands by foreign investors
President Marcos Jr. also championed sustainability by noting the potential of the country’s vast green metal resources that would help in supporting the production of electric vehicles and the manufacturing of batteries that will power them.
The Chief Executive concluded, “I hope that you will turn the conversations today into strategic plans, meaningful investments, and commercially significant agreements. More importantly, may they contribute to a future where our peoples enjoy greater opportunities, greater prosperity, and greater security.”
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