President Marcos Jr. Focuses on Defending Territory and Attracting Foreign Investments for a Prosperous 2024

MANILA: President Ferdinand R. Marcos Jr. concluded the year 2023 with a strategic focus on defending Philippine sovereignty, attracting foreign investments, and implementing structural reforms. His administration took a firmer stance against China’s aggressive actions in Philippine waters and actively promoted priority sectors in his international engagements.

According to Philippines News Agency, President Marcos expressed concerns over the slow progress in negotiations for a final and binding Code of Conduct (COC) in the South China Sea (SCS).

During the Daniel Inouye Speaker Series in Honolulu, Hawaii, Marcos emphasized his efforts to unite ASEAN leaders for a new COC to maintain peace in the disputed waters. He also held a meeting with Chinese President Xi Jinping, discussing fishing rights and tension reduction in the South China Sea. Despite ongoing talks, there have been reports of China’s continued provocative actions in the region, particularly in the Philippines’ exclusive economic zone in the West Philippine Sea. On December 10, President Marcos asserted the Philippines’ sole legitimate right to operate in the West Philippine Sea, condemning any illegal presence as a violation of international law. In a Tokyo interview, he acknowledged the need for a ‘paradigm shift’ to address China’s actions, advocating for a ‘less confrontational method’ to resolve maritime disputes.

In addition to territorial defense, President Marcos has been actively seeking to boost foreign investments in the Philippines. His 12 overseas trips to nine countries in 2023 resulted in approximately PHP2.484 trillion worth of investment pledges. Despite tensions with China in the West Philippine Sea, China emerged as the top investor in the Philippines, followed by Japan, Saudi Arabia, the United States, Malaysia, Singapore, Switzerland, Indonesia, and the UK. These investments, targeting key sectors like energy, infrastructure, technology, and health, are anticipated to generate significant employment opportunities for Filipinos.

Marcos has reassured foreign business communities of his administration’s dedication to enhancing the business environment in the Philippines, aiming to make it a premier investment destination in Asia. He highlighted 2023 as a pivotal year for structural changes, crucial for the country’s recovery from the economic impacts of the Covid-19 pandemic. His administration is focused on remodeling fiscal, monetary, and spending policies as the country transitions away from a Covid-impacted economy. Marcos expressed optimism for the impacts of these reforms in 2024, underscoring the need for continued efforts to realize their full benefits.