The strong presence of overseas Filipino workers (OFWs) in the Middle East gives the Philippines more leverage to attract Arab investors looking for a new investment hub, President Ferdinand R. Marcos Jr. said on Tuesday (Zurich time).
Marcos issued the statement in an open forum at the World Economic Forum (WEF) in Davos, Switzerland when asked about his views on the possible engagement with Gulf countries that now consider Southeast Asia as a new investment destination.
Southeast Asia should regain its pre-pandemic status, he said, noting that the region was a “fast-growing” economy before it grappled with the spread of the coronavirus disease 2019 (Covid-19).
The Philippines, Marcos said, welcomes any major capital-intensive investment, adding that his administration is exhausting all efforts to immediately pay off the debt the country has incurred.
“The workforce is still workforce, still exists. It is up to us as leaders, I think, to be very careful how we direct now the development of the economy because it’s not business as usual. The pandemic changed everything,” the President said during the question-and-answer session. “So specific to the Middle Eastern countries, we have very strong relations actually with the Middle Eastern countries.”
Marcos said the Philippines’ relationship with Gulf nations has a “very good” foundation because of the huge concentration of OFWs in the Middle East.
“Because in the talks that we’ve had with some of the leaders from the Middle East, the discussion always begins with the overseas Filipino workers,” Marcos said.
Trade also always comes into play, he said, citing the “very expansive and aggressive” spending plan of the members of the Organization of the Petroleum Exporting Countries (OPEC) in the next few years.
Marcos said trade becomes part of the discussion with Arab nations, as the Philippines speaks about its planned sovereign wealth fund.
“Some of the examples that we’re looking at are the ones in the Middle East because they have been the ones that have been most successful,” he said. “The connections are there. We just not have put it in that area. But I’m sure that any opportunities that we will be given… have to take full advantage of.”
Marcos is currently in Switzerland to participate in the WEF, which serves as an international organization for public-private cooperation.
The forum convenes leaders from government, business, and civil society to address the state of the world and discuss priorities for the year ahead.
This year’s WEF is the first in-person meeting since 2020. (PNA)
