Philippine President Ferdinand Marcos Jr. pursues strong partnership with Thailand as he participated in a business meeting with Thai Business leaders, citing an improved business climate for Thai businesses to explore the economic potential of the country last 13 November 2022, in Bangkok, Thailand.

To strengthen and diversify trade and investment and ensure competitiveness in the business sector, Trade Secretary Fred Pascual reiterated that the Philippines is open and ready for business, and a number of reforms and policy measures have been implemented by the government to make the Philippines even more attractive for investors and businesses.

In the meeting, The Trade Chief affirmed that the government had amended the Public Service Act, the Foreign Investment Act and the Retail Trade Liberalization Act to ease foreign ownership restrictions and entice investors for the country’s recovery and growth.

“We’ve also enacted the Corporate Recovery and Tax Incentives for Enterprises Act or CREATE, which reduces corporate income tax and provides tier-specific incentives for foreign investors,” said Pascual. “This law also gives the President the ability to design support packages for highly desirable projects,” Pascual added.

During the conference, Thai industries expressed interest in investing in the Philippines in a wide range of areas such as infrastructure, transportation, tourism, and food security.

Notable representatives of the Philippine delegation includes Deputy Speaker Gloria Macapagal-Arroyo, and Foreign Affairs Secretary Enrique Manalo and members of the APEC Business Advisory Council and Philippine businesses in Thailand were also present in the conference.

Photos: Roundtable Conference


Siam Cement Group Meeting

Date of Release: 1 December 2022