FILE PHOTO: Speaker Ferdinand Martin G. Romualdez.
MANILA, Philippines — President Ferdinand Marcos Jr.’s attendance in the 10th Asian Summit in Singapore is important in ensuring economic progress for the Philippines, as it has projected a positive view of the country as an investment destination, according to House Speaker Ferdinand Martin Romualdez.
Romualdez on Thursday said that Singaporean businesses are looking at the Philippines as a possible investment site, especially in the field of renewable energy — which the House official said may bode well for the country’s problems in terms of expensive power rates.
“Through his (President Marcos’) determined efforts, Singaporean businesses are being urged to view our nation as a primary investment destination, particularly in the renewable energy sector,” Romualdez said in a statement.
“The anticipated influx of investments in this field can potentially lead to greener energy solutions and more affordable electricity rates for Filipinos,” he added.
According to Romualdez, who accompanied Marcos during the summit, Marcos’ trip to Singapore also extends beyond diplomacy, as it affirms the government’s commitment to ensuring a sustainable future for the country.
“Together, with our international partners like Singapore, we remain committed to uplifting the lives of our citizens and driving our nation towards greater heights,” he noted.
Romualdez said that some of Marcos’ activities in Singapore — which he visited for the third time as Philippine president — included promoting the country as a good tourist destination in a post-pandemic world.
The Speaker said the Chief Executive also talked about the following topics:
- Philippines’ high economic growth rate despite global instability
- Continued growth for 2023
- High consumer base for products
- Creation of the Maharlika Investment Fund
- Regulatory reforms for different sectors
Marcos, fresh from a trip to Indonesia for the 43rd Asean Summit, flew to Singapore on Wednesday for the 10th Asian Summit, where he and Malaysian Prime Minister Anwar Ibrahim would give a speech.
According to the Presidential Communications Office (PCO), Marcos will be the first Filipino President to address the summit.
“Marcos will headline the 30-minute talk, highlighting the government efforts in improving the lives of Filipinos amid challenges from significant global events. Marcos will be the first sitting Philippine President to address the Milken Institute’s Asia Summit,” PCO said in a statement.
READ: Bongbong Marcos set to fly to Singapore for 10th Asian Conference
In a roundtable discussion earlier, Marcos said the future is bright for the Philippines and Singapore.
“For me, the future is bright for the Philippines and Singapore. And I see more opportunities than we have ever had before in fact, and it’s just up to us to identify those and to agree on how to best respond to the changes that we now face,” Marcos said.
“In that time between the very beginning of that relationship, we haven’t come across really any significant issues, diplomatic, political, or otherwise, between Singapore and the Philippines,” he added.