President Ferdinand Marcos Jr. is continuously advocating for the Philippines as an exceptionally appealing investment location in the Indo-Pacific region.

This effort relies on establishing strategic relationships, including Free Trade Agreements (FTAs) and the Generalized System of Preference (GSP).

While attending the Indo-Pacific Business Forum (IPBF) in Taguig City on Tuesday, May 21, he stressed the Philippines’ dedication to promoting economic growth and international collaboration in the region.

He assured foreign investors in the country that they would receive “preferential market access,” which would be advantageous for them.

“Through our ties with different countries, our nation enjoys access to various markets, including the ASEAN market, the Regional Comprehensive Economic Partnership (RCEP), [and] the Philippines-Japan Economic Partnership Agreement (PJEPA), among others,” President Marcos said.

“These agreements underscore our commitment to fostering economic growth and international cooperation. With RCEP, investors can access other markets in RCEP countries by manufacturing and exporting their products from the Philippines,” he added.

President Marcos also said it is important for the Philippines not only to be in the right location, but also to gain access to other markets by way of FTAs and other tools. He said the Philippines is one of the best countries for international cooperation.

FTAs are trading blocs that provide frameworks for lowering trade and investment obstacles. These frameworks address a variety of trade-related issues, including tariffs, quotas, customs processes, intellectual property rights, and more.

Facilitating more trade and investment flows between the participating nations is their main objective, along with fostering economic cooperation.

GSP, in contrast, is a trade deal with preferential terms initiated by industrialized nations with the aim of fostering economic expansion in poorer nations. It is a program where developed countries provide favorable tariff rates for certain products imported from specific developing countries.

Marcos confidently affirmed to the IPBF that the nation’s economy is currently in its prime state, exhibiting not just growth and prosperity, but also ranking among the most rapidly expanding economies on a global scale.

He pointed out that the government is now developing innovative changes to ensure the presence of a favorable business climate, a highly skilled and competitive workforce, and the promotion of industrial change.

“Through these steadfast efforts, we are attracting foreign investments that are not only fueling our growth, but also broadening our economic base,” he said.