US investors see Philippines in different light under new admin - envoy

ABS-CBN News
Posted at Apr 14 2023 

A view of the Ortigas business district skyline, as seen from Pasig City on May 27, 2022. George Calvelo, ABS-CBN News/File

MANILA — The rebooting of Philippines-United States relations under the Marcos administration played a huge role in boosting the interest of foreign investors to the country, Manila's top diplomat in Washington said Friday.

According to Philippine Ambassador to the US Jose Manuel Romualdez, Washington looks at Manila in a "different light" and as a "high potential for investments" under a new government.

"There's no doubt about it that our defense strategy with the US played a major role in how US businesses are looking at the Philippines today," he told ANC's "Headstart."

The country has also implemented several economic reforms to attract foreign investments, Romualdez said.

Foreign investors are now allowed to have 100 percent ownership in key sectors like telecommunications, airlines and airways.

This is the reason why interest in the Philippines has become "much stronger," Romualdez added.IMF's upgraded growth outlook signals PH is in 'good shape': Diokno

In an economic briefing in Washington, D.C., the International Monetary Fund said the Philippines' gross domestic product could grow by 6 percent in 2023 from the previous 5 percent estimate.

Finance Secretary Benjamin Diokno said the country is "in pretty good shape compared to the rest of the world."

"Being in that Philippine economic briefing, I have never seen so much enthusiasm coming from our American partners," Romualdez said.

In February, Manila and Washington announced a deal to give US troops access to another 4 bases in "strategic areas" under the Enhanced Defense Cooperation Agreement.

The US and the Philippines have also agreed to restart joint patrols in the South China Sea as the longtime allies seek to counter China's military rise.

The 2 countries had suspended maritime patrols in the hotly contested area under the rule of former President Rodrigo Duterte.

The new agreements come as the allies seek to repair ties that were fractured under Duterte, who favored China over his country's former colonial master.

The new administration of Ferdinand Marcos, Jr. has been keen to reverse that.

Beijing's growing assertiveness on Taiwan and its building of bases in the disputed South China Sea have given fresh impetus to Washington and Manila to strengthen their partnership.