SPEAKER Ferdinand Martin Romualdez on Wednesday vowed the full support of the House of Representatives to the initiatives of President Ferdinand R. Marcos Jr. aimed at promoting the Philippines as a prime investment destination, especially for Brunei business leaders.
The Speaker made the commitment as he accompanied President Marcos in the Philippine Business Forum Wednesday morning at the Berkshire Hall of the Royal Brunei Polo and Riding Club in Bandar Seri Begawan.
He underscored the strategic importance of fostering stronger economic ties with Brunei, highlighting the potential benefits of increased foreign investment for the country’s economic growth and development.
“President Ferdinand R. Marcos, Jr. has made significant strides during his state visit here in Brunei to showcase the Philippines as an attractive destination for investments,” Romualdez said.
“The House of Representatives is fully committed to supporting these efforts, recognizing the vital role that foreign investment plays in our nation’s progress,” he added.
In his keynote address during the business forum, Marcos noted the great potential for mutually beneficial partnership between the Philippines and Brunei in sectors such as agribusiness, renewable energy, and Halal industry development, among others.
Marcos told Brunei business leaders that the Philippines instituted reforms that liberalized foreign ownership in various sectors through the passage of key landmark legislations such as the Retail Trade Liberalization Act, the Foreign Investments Act, the Public Services Act, the Renewable Energy Act, Public-Private Partnership (PPP) Code of the Philippines, Internet Transactions Act and the Tatak Pinoy Act or the “Proudly Filipino” Act.
He likewise cited the CREATE MORE (Maximize Opportunities for Reinvigorating the Economy) Bill, passed by the House on the third reading in March this year, which aims to strengthen the Philippines’ fiscal and non-fiscal incentives to encourage investments in our strategic priority industries as well as the establishment of the Maharlika Investment Fund and the signing of Executive Order No. 18, establishing green lanes for strategic investments.
“The House of Representatives stands ready to collaborate with the executive branch and private sector stakeholders to implement measures that support the President’s vision. By enhancing the country’s investment landscape, the government aims to drive economic progress, create jobs, and improve the quality of life for all Filipinos,” Romualdez said.
He highlighted the importance of bilateral cooperation between the Philippines and Brunei, citing shared economic interests and mutual benefits
“We are confident that with the President’s leadership and the collective effort of the government, the Philippines will achieve sustained economic growth and become a leading investment destination in the region,” the Speaker concluded.
He noted the enthusiasm for partnership between the business leaders of both countries with the signing of the Memorandum of Understanding signed by ASEAN Business Advisory Council – Philippines and Brunei, and the National Chamber of Commerce and Industry of Brunei Darussalam (NCCI) and the Philippine Chamber of Commerce and Industry (PCCI), which were presented to Marcos.
Romualdez echoed the sentiment of the President that the partnership and collaboration between the Philippines and Brunei, as well as other neighboring countries like Indonesia and Malaysia, augurs well for shared prosperity, development, and peace across the region
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