President Ferdinand R. Marcos, Jr. leaves today, 28 May 2024, for his back-to-back visits to Brunei and Singapore.
Just like his previous foreign trips, this week’s overseas visits, his seventh and eighth in 2024, are good opportunities for Mr. Marcos to secure investment commitments and investment pledges.
Critics, however, question the frequency of such visits, especially in light of the May 16 announcement of the Philippine Statistics Authority (PSA) showing a double-digit decline — 63.6% — of foreign investment commitments in the first quarter of 2024. Approved foreign investment commitments in the first quarter of 2024 were recorded at P148.43 billion compared to P408.22 billion compared to the same period last year.
Despite the significant decrease, the importance of presidential foreign trips must be underscored. It is imperative to make the Philippines as, in the words of the Chief Executive, “a viable option for business” — and to make this happen, we must engage with the world.
The Philippine economy grew by 5.7% in the first quarter of 2024, according to the PSA. While this is good in paper, such economic expansion is not enough for our people to enjoy the fruits of the growing economy. I believe we have to further accelerate our economic momentum and get investments into the right places to have high quality jobs and higher income.
The good news is that business sentiment is more upbeat for the rest of the year as indicated by the Bangko Sentral ng Pilipinas (BSP) First Quarter 2024 Business Expectations Survey Report. The BSP attributes this bullish business confidence outlook to expectations of sustained strong demand for products and services, continued favorable economic conditions, lower inflation, and business expansions, among others.
In all these, good governance is the key.
Business cannot thrive alone. Government must ensure that it fosters a sound environment where businesses can flourish.
And the number one goal is to help ease in doing business and streamline the application of permits, licenses, and other documentary requirements.
To fully realize this, the Marcos Jr Administration has to complete the implementation of the digitalization of vital public records and services.
I consider the digital transformation of the Philippines as something doable in the next four years. It is important, necessary, and urgent. Not only shall this improve the efficiency of the government’s transaction with the business sector and the general public, but it can be an effective tool to combat corruption.
We have to embrace the future, and the future is digital.
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Dennis Ting is a former director at the Department of Budget and Management.
