CLARK FREEPORT—Government initiatives and reforms aimed at making the Philippines a top investment destination, as well as the CDC’s milestone business development strategies, will potentially direct more investment opportunities to the Clark area.
Undersecretary Joee Guilas of the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAP-IEA), emphasized this in his speech at the 1st Clark Interdependence Conference on September 4, 2024, at the Hilton Clark Sun Valley Resort.
The OSAP-IEA Undersecretary for Strategic Partnerships and Engagements praised the CDC’s work to create a strong business ecosystem (business interdependence) among Clark locators, saying that working together to find new business opportunities and make the most of the benefits of being in a Freeport Zone is key.
“We support this ecosystem approach as a way to accelerate your collective growth,” Guilas stressed.
Guilas also cited the introduction of the use of the Clark collective mark, which identifies products or services with shared qualities or origins, thereby helping consumers recognize high-quality goods and ensuring protection against misrepresentation.
On the Marcos administration’s 2-year achievements, Guilas reported that the Philippines remained one of the best performing economies in Asia, finishing strong in 2023 with a 5.5% GDP growth.
“In the first quarter of 2024, we were a frontrunner in the ASEAN region, posting the highest growth of 5.7%. In the second quarter, our economy grew by 6.3%. All these numbers were either the highest or the second highest in the Southeast Asian region,” Guilas relayed.
The OSAP-IEA Undersecretary also highlighted the following accomplishments: The unemployment rate dropped in June to 3.1 percent (one of the lowest on record for the last two decades); over 50.3 million Filipinos are now employed, 63.8% in the informal sector; and the poverty rate dropped to 15.5%, lifting 2.5 million Filipinos out of poverty.
“Moreover, Japan-based Rating and Investment Information, Inc. (R&I) has upgraded the Philippines’ investment grade rating to A- with a ‘Stable’ outlook from ‘BBB+, aligning it with that of the Japan Credit Rating Agency (JCR),” Guilas reported.
Guilas also said that in support of landmark legislations to create more liberal policy environment for foreign direct investments (FDIs), the administration implements measures to improve the ease and reduce the cost of doing business, positioning our country as a premier destination for investors.