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Destination: Marcos Urges Brunei Business Leaders

President Ferdinand Marcos Jr. on Wednesday called upon Bruneian business leaders to expand their ventures into the Philippines, positioning it as a prime investment destination. Highlighting the country’s favorable investment climate, President Marcos emphasized the Philippines as an ideal location with numerous initiatives aimed at simplifying business operations and fostering economic growth.

BANDAR SERI BEGAWAN — In a significant move to bolster economic ties, President Ferdinand Marcos Jr. on Wednesday called upon Bruneian business leaders to expand their ventures into the Philippines. Highlighting the country’s favorable investment climate, President Marcos emphasized the Philippines as a “prime investment destination” with numerous initiatives aimed at simplifying business operations and fostering economic growth.

During a business forum held on the second day of his state visit to Brunei, President Marcos underscored the Philippine government’s efforts in crafting an investor-friendly environment. He cited the establishment of “green lanes for strategic investments” and the creation of a sovereign fund as clear indications of the country’s dedication to financing priority projects and driving socio-economic development.

“I encourage the business leaders of Brunei to seriously consider the Philippines as your prime investment destination,” President Marcos urged. “We are committed to fostering mutually beneficial outcomes for the business sectors of both our countries. Together, let us approach the future with determination and confidence, striving towards shared prosperity and success.”

In his address, President Marcos detailed the Philippines’ ongoing investments in infrastructure, the promotion of sustainable industries, and support for micro, small, and medium enterprises (MSMEs). These efforts, he noted, are paving the way for a more dynamic and interconnected regional economy.

“Together, we can harness the full potential of BIMP-EAGA to build a prosperous and sustainable future for all,” he added, referring to the East ASEAN Growth Area which includes Brunei, and parts of Indonesia, Malaysia, and the Philippines.

The President also highlighted the vital role of PH-Brunei cooperation in maintaining peace and stability in the Indo-Pacific region. Recently, the Philippines and Brunei signed several agreements to enhance trade relations, including a Double Taxation Agreement (DTA) aimed at preventing tax evasion and reducing corporate tax liabilities.

As his state visit concluded, President Marcos mentioned that his administration is in the process of evaluating the total investment pledges secured during this trip to Southeast Asia’s second-richest nation.

The ongoing efforts to strengthen diplomatic and economic ties between the Philippines and Brunei, which have spanned four decades, are expected to yield significant benefits for both nations. Enhanced cooperation, particularly in maritime and regional security, as well as skills training and information sharing, remains a cornerstone of this enduring partnership.

Philippines and Brunei to Enhance Maritime Cooperation with Skills Training and Information Sharing

As the Philippines continues to invite international investment and foster regional partnerships, the economic landscape is set for substantial growth and development. The proactive measures taken by President Marcos and his administration signify a robust commitment to building a more prosperous and interconnected ASEAN region.

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