The USA, New York City On Sunday, September 18, President Ferdinand Marcos Jr. arrived at the John F. Kennedy International Airport in New York to start a six-day visit to the United States. During President Ferdinand Marcos Jr.’s trip to New York, business and talks about “economic recovery, food security, and agricultural productivity” will be the main topics. Marcos was sworn in as President of the Philippines on June 30. He is scheduled to attend the 77th United Nations General Assembly and give his speech during the General Debate on September 20 in the afternoon (early Wednesday, September 21, Manila time).
While receiving his farewell honors in Manila, the President stated that he would be discussing “economic recovery, food security, and agricultural productivity” in his speech. He made this statement while he was there. His first event, much like his first state visit, was to Indonesia and Singapore; however, his first activity in New Jersey was a gathering of the local Filipino community. There will be attendees coming from all over the United States and even the neighboring country of Canada. During the remainder of his time in New York City, Marcos is scheduled to participate in bilateral meetings with a variety of other world leaders and high-level meetings with various business leaders. The details of these meetings have not been made public by Malacañang as of yet.
The visit of President Marcos, which is notable in and of itself, is garnering additional attention as a result of the impending judgment that the United States will issue against him and his mother in a human rights class action lawsuit that was originally filed against his late father, the dictator Ferdinand Marcos. However, due to the fact that Marcos is the head of state, he will be granted diplomatic immunity.
Marcos investors in New York cite the investment climate in the Philippines.
President Ferdinand “Bongbong” Marcos Jr. told foreign investors that the Philippines has changed how it does business and opened up more investment opportunities that are good for both parties. In his speech to the public at the New York Stock Exchange, Marcos was proud of the new policies that the Philippines had just put in place to open up the economy even more and encourage more foreign investments. Marcos made his remarks at the Stock Exchange.
We have made it easier for investments that are good for both parties. This should lead to more jobs and a higher standard of living in the Philippines. He said that doing business in the Philippines gives investors a chance to benefit from the country’s strong economy. He said that the Philippines just passed a law to lower the tax rates on corporate income and make the fiscal incentives more sensible. The government has also lowered the minimum amount of paid-up capital that foreign retailers and startups must have in order to bring advanced new technology into the country.
According to Marcos, the Philippines now permits complete foreign ownership of businesses that are in the business of providing public services. These businesses include telecommunications, shipping, air carriers, railways, subways, airports, and toll roads. And President also talked about how the Philippines has high-quality workers, a large consumer market, and a lot of financial and non-financial incentives to attract businesses.
Marcos made this statement: “At the same time, we remain committed to maintaining sound macroeconomic fundamentals in order to provide a clear development roadmap.”
Attempting to achieve status as a high-middle-income country
According to him, the economy of the Philippines has gotten back on track to reach its goal of becoming an upper-middle-income country, which he believes can be accomplished within the next few years. Marcos also said that the Philippines has “sound” macroeconomic fundamentals, such as an expected increase in its gross domestic product (GDP), a better job market, more manufacturing activity, and trade that is growing by double digits. And He also said that the government put in place a lot of stimulus programs to help the industries that were hurting the most.
Even though our borrowings went up a lot during the pandemic, the President said, “We continue to lower the cost of our public debt through wise debt management.” This is true, even though our borrowings did go up a lot during the pandemic.
In addition, the Philippines has been able to keep its investment grade credit ratings, and according to Marcos, the country is currently working toward achieving “A” territory credit ratings in the medium term. He went on to say that the country has “sufficient” buffers against the effects of external shocks because Filipinos who work abroad regularly send money back home, business process outsourcing brings in money, and foreign direct investment brings in money.