By Brian Jules Campued
President Ferdinand R. Marcos Jr. on Wednesday urged business leaders in Brunei Darussalam to “seriously consider” the Philippines as a “prime investment destination” particularly in the sectors of agribusiness, renewable energy, and Halal industry development.
In a speech during the Philippine Business Forum in Brunei’s capital, Bandar Seri Begawan, President Marcos underscored Manila’s commitment to “fostering mutually beneficial outcomes” for both countries’ business sectors.
“Together, let us approach the future with determination and confidence, striving towards shared prosperity and success. Let us all make it happen in the Philippines. Let us do it together,” he added.
Marcos also cited key policy reforms and legislations which ushered positive developments in the Philippines, such as the Retail Trade Liberalization Act, the Foreign Investments Act, Public Services Act, and the Renewable Energy Act.
“Through these measures, we have liberalized foreign ownership in sectors such as air transport, telecommunications, shipping, retail, and renewable energy projects,” he said.
According to Marcos, the government has also improved the ease of doing business in the country through efforts to simplify tax payments and regulatory processes as well as streamlining the process of investment approvals for strategic projects.
“I signed Executive Order No. 18, establishing green lanes for strategic investments, simplifying procedures, and reducing bureaucratic hurdles,” he said.
The establishment of Maharlika Investment Fund, the President said, demonstrated the country’s commitment to finance priority projects and drive socio-economic development.
Marcos also shared that recently enacted priority bills – the Public-Private Partnership (PPP) Code of the Philippines, Internet Transactions Act, and Tatak Pinoy Act – have also furthered developmental goals.
Noting the growing market in the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) region, the Chief Executive said this opens more opportunities for businesses and investors to capitalize on.
Investing in infrastructure, promoting sustainable industries, and supporting small and medium enterprises, are paving the way for a more dynamic and interconnected regional economy, he stressed.
“Together, we can harness the full potential of BIMP-EAGA to build a prosperous and sustainable future for all,” Marcos said.
MOUs signed
Meanwhile, the Philippines and Brunei Darussalam inked two agreements on Wednesday aimed at strengthening the agricultural and economic cooperation between the two countries.
The Memorandum of Understanding (MOU) for Partnership in Agriculture and Micro-, Small, and Medium-sized Enterprises (MSMEs) Development, signed between the ASEAN Business Advisory Council and the Brunei-ASEAN Business Advisory Council Philippines, would enhance economic integration, promote sustainable agribusiness practices, and foster inclusive business model within the ASEAN region.
It also outlines cooperation in conducting studies, mentorship programs, and identifying trade and investment opportunities in the agriculture sector.
The second MOU, signed between the National Chamber of Commerce and Industry of Brunei and the Philippine Chamber of Commerce and Industry, would facilitate information exchange, organize trade and investment missions, and support various industries, such as information and communications technology, Halal food, smart agriculture, manufacturing, franchising, tourism, services, and MSMEs.
It also establishes business councils in both countries to facilitate joint initiatives and outlines dispute resolution mechanisms.
“Through this forum, we stand firm in strengthening the business relations between the Philippines and Brunei Darussalam. Our partnership is a symbol of the shared aspiration to foster economic growth and shape a more vibrant ASEAN community,” the President said.
Renewable energy venture
In a high-level meeting with key players in Brunei’s energy sector, Marcos conveyed the Philippines’ interest in waste-to-energy projects and discussed other potential investments in the renewable energy sector as well as enhancements on oil and gas collaborations.
“There’s a great deal of interest in that (waste to energy). But right now, it is not at the very macro level. It’s very much at the micro level. Yeah, it’s basically local governments because there is the problem, the attendant problem of what do we do with our waste?” he said.
“The old solution was to ship them somewhere else and pay somebody else to put them in a landfill. Nobody wants it anymore. Nobody is not worth [the] money anymore for anyone. That’s a problem, especially in the big cities. But then that’s also where that solution could be most viable,” Marcos added.
The President, likewise, highlighted the need for appropriate infrastructure to harness energy coming from landfills and noted legal and regulatory challenges in pursuing the project. – avds
