BusinessWorld Online
Cut ‘red tape’ for investment pledges to materialize, experts tell PHL gov’t
President Ferdinand R. Marcos Jr. pledged to reduce red tape and corruption to attract more US investment.
US Secretary of Commerce Gina Raimondo noted President Marcos Jr.'s proactive stance towards the US and believes these measures will make the Philippines a more appealing destination for American businesses.
A US trade and investment mission visited the Philippines, with US companies looking to invest over a billion dollars, primarily in digital upskilling and the semiconductor sector.
About 30 million workers are expected to benefit from digital capacity building programs funded by US companies.
Experts emphasize the need for the Philippine government to effectively implement its vows to cut bureaucratic red tape and corruption to ensure investment pledges materialize.
They also suggest strengthening institutions as a key solution to the persistent problem of slow bureaucracy.
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News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
US Commerce Secretary Gina Raimondo expressed strong support for President Ferdinand "Bongbong" Marcos Jr.'s leadership and economic agenda, stating the US is "all in on the Philippines."
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A US Presidential Trade Mission delegation of 22 companies has indicated over $1 billion in investments to the Philippines, set to create educational and career opportunities for approximately 30 million Filipinos.
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President Ferdinand "Bongbong" Marcos Jr. encouraged German business leaders to invest in the Philippines, assuring them it is a "reliable partner" for market expansion.
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