Foreign Business Groups Urge Marcos to Sustain Economic Reforms

A coalition of foreign business chambers has called on President Ferdinand Marcos Jr. to prioritize pending economic reforms and strengthen the implementation of recently enacted laws, saying these measures could strengthen the country’s competitiveness and investment environment. In a letter submitted ahead of the president’s fifth State of the Nation Address (SONA) on Monday, the groups underscored the importance of continuity in economic policies. The business groups highlighted that sustained reforms are vital for attracting foreign direct investment (FDI) and fostering robust economic growth. They specifically urged the administration to focus on improving the ease of doing business, streamlining regulations, and ensuring a stable and predictable legal and regulatory framework. While the Philippines has shown promise as a growing economy in Southeast Asia, attracting higher levels of FDI requires addressing lingering structural issues. The collective appeal from foreign businesses reflects a desire for clear policy direction and effective execution to bolster the nation’s economic prospects. The Philippine economy benefits from significant contributions from overseas Filipino workers’ remittances and a thriving business process outsourcing (BPO) sector. However, diversifying the economic base and creating an environment conducive to sustained investment are seen as critical for long-term prosperity. The call for continued reforms is thus positioned as a key element in the Philippines' ambition to elevate its economic stature globally.