Albay 2nd district Rep. Joey Salceda is looking forward to the economic windfalls that the Philippines stands to get from two big events that President Ferdinand “Bongbong” Marcos Jr. has been invited to.
Marcos, who is attending the 40th and 41st Association of Southeast Asian Nations Summit and related summits in Cambodia, has been invited to a state visit in China as well as the World Economic Forum in Davos, Switzerland.“PBBM has been invited by China and the [WEF] in January. These are very ripe opportunities to get more investments and protect our foreign reserves,” Salceda, chairman of the House Committee on Ways and Means, said on Saturday afternoon, Nov. 12.
“We need to have reforms that we can sell the country’s growth story with. And the reforms I’ve cited don’t even need Congress. The economic team already has the tools fully at their disposal. I would urge decisive action without delay on these very low-hanging fruits,” he added. Salceda’s remarks were also backdropped by the country’s August foreign direct investments data, which showed that foreign inflows have slowed by 19.2 percent year-on-year.
“President Marcos is achieving progress in agriculture. This is one of the few times the sector actually recorded positive growth. We need to capitalize on our strong Q3 GDP performance. While the decline in FDI is understandable due to global conditions, there are low-hanging fruits we haven’t picked up yet,” he reckoned.
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