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Marcos tries to woo business leaders from Brunei

PRESIDENT Ferdinand Marcos Jr. urged business leaders in Brunei on Wednesday to consider the Philippines as a major investment destination.

“Let us face the future together with determination and confidence, striving for shared prosperity and success,” Marcos said during the Philippine Business Forum organized by the Department of Trade and Industry in partnership with the Department of Agriculture and the Brunei Economy Program. of the highlights of his two-day state visit to the sultanate.

Marcos said good Philippine investment areas include agribusiness, renewable energy and halal industries.



President Ferdinand Marcos Jr. speaking at a business forum in Bandar Seri Begawan on May 29, 2024. PCO PHOTO

The President added that the Philippines and Brunei were developing two major economic corridors: the West Borneo Economic Corridor, which includes Brunei Darussalam, and the Greater Sulu-Sulawesi Corridor, which includes Palawan and parts of Mindanao. These, he says, are designed to integrate manufacturing with supply chains, providing SMEs with ample opportunity to thrive.

Marcos praised the Brunei Darussalam Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) as a beacon of economic integration and development.



“Together we can unleash the full potential of BIMP-EAGA to build a prosperous and sustainable future for all,” he said.

Marcos added that policy reforms under his watch, such as the Retail Trade Liberalization Act, the Foreign Investments Act, the Public Services Act and the Renewable Energy Act, could further boost business ties between the Philippines and Brunei.

“Through these measures, we have liberalized foreign ownership in sectors such as air transport, telecommunications, shipping, retail and renewable energy projects,” he said.

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