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Ferdinand Marcos Jr., President of the Philippines joins us live from the NYSE 🔔🇵🇭 — Transcript

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0:00foreign
0:03[Applause]
0:28good afternoon Mr President
0:31excellencies distinguished guests ladies
0:33and gentlemen I'm John Tuttle Vice
0:35chairman of the New York Stock Exchange
0:37and president of the NYC Institute and
0:40on behalf of our entire organization a
0:43very very warm welcome to the NYSE
0:46we are honored to welcome his Excellency
0:49Ferdinand bongbong Marcos Jr
0:53president of the Republic of the
0:54Philippines
0:56for today's program
0:58Mr President thank you for being here
0:59today
1:00and for bringing members of your cabinet
1:02and Senior Executives from Philippine
1:05companies
1:07your presence is a testament
1:09to your focus on and commitment to
1:12further growing the Philippine economy
1:14and providing more opportunity for your
1:17citizens
1:19a fast-growing economy
1:22with an educated and ambitious Workforce
1:24and meaningful economic reforms are
1:27coming together to make the Philippines
1:30an attractive destination for investment
1:34and I have to say looking at today's
1:36room clearly you have gained the
1:38attention of Business Leaders and
1:40investors
1:42we at the NYC enjoy hosting programs
1:44like this where we can bring together
1:46leaders from the public sector in
1:48private sector to share ideas to build
1:51relationships and ultimately deliver
1:54impact
1:56and with today's program I am confident
1:59that we will further strengthen an
2:01already great partnership between our
2:03markets between our businesses between
2:05our people and ultimately between our
2:08countries
2:11to begin our program I have the pleasure
2:13of introducing
2:15Sub in avoides
2:17who is CEO of a Boise's group
2:20and importantly leader of President
2:22marcos's private sector advisory Council
2:25please join me in offering him a very
2:28warm welcome
2:29[Applause]
2:40good afternoon everybody
2:43as a representative of the Philippine
2:46business and behalf of the delegation
2:48here today I want to thank all of you
2:51for the invitation to visit
2:53the financial center of the universe
2:57and touch base
2:58with our friends in the American
2:59Business Community your warm welcome is
3:02strongly felt and greatly appreciated
3:06personally I'm really thrilled to be
3:08here
3:10the New York Stock Exchange has energy
3:12like nowhere else in the world
3:15the only natural and appropriate
3:17response to this invitation
3:19would be to return the favor in the best
3:21way that we know how
3:23and with the same Spirit of Good Will
3:25and partnership the United States has
3:28shown the Philippines for all these many
3:31decades
3:33the friendship between our two countries
3:35has always been
3:36like Wall Street itself
3:38a busy two-way street of economic give
3:41and take
3:42and we sincerely hope and believe
3:45it will remain like this forever
3:49so we're here today to support our
3:51president and his genuine efforts to
3:54revitalize this relationship and remind
3:56you of our commitment
3:59we support these efforts to assure you
4:01of the integrity
4:03of the stability and the solidarity of
4:06his administration
4:08and the Philippine economic system
4:10which is not without wounds
4:13but neither without the determination to
4:17heal them
4:18and of course to unlock the massive
4:20economic potential our country has to
4:22offer
4:23with the help of good friends like you
4:27we live in uncertain times but in our
4:30corner of the world the Philippines
4:31remains one of Asia's fastest growing
4:34economies
4:35and with the pandemic now largely out of
4:38the way we're back on The Fast Track
4:40accelerating out of recovery mode and
4:43onto the promising possibilities of the
4:45future
4:46now more than ever with the dawn of a
4:49new era of digital progress and an
4:52environment that has never been more
4:54enabling and conducive for business the
4:57Philippines is ripe for investment
5:00with the average Filipino being 23 years
5:03old we have a large Talent
5:06a large talent pool of young competent
5:08and reliable human resources
5:10our Workforce is educated
5:13English proficient
5:15strongly custom oriented
5:18highly trainable and adaptable to
5:20different cultures
5:23being a critical entry point for over
5:25600 million people in the asean region
5:27the Philippines has easy access to key
5:30markets which is a gateway to the East
5:33Asian economies and is at the crossroads
5:35of international shipping lanes and
5:37Airline routes
5:40our numerous operating economic zones
5:42and I.T parks around the country are
5:44fully equipped with support capabilities
5:46that make it easy for companies of any
5:49size and from any part of the world to
5:52set up shop and conduct business
5:54business with convenience and
5:57effectivity
6:00we have a bountiful and beautiful
6:02natural resources that provide
6:05investment opportunities in our
6:06Agriculture and tourism Industries
6:09our business process Outsourcing
6:11Electronics manufacturing creative
6:13Maritime resources and Export Industries
6:16have similar potential with track
6:18records of success
6:21and with a strong private public
6:22partnership we are aggressively building
6:25the critical infrastructure needed to
6:27support all our Industries
6:29and enable businesses to grow and thrive
6:31on a globally competitive scale
6:36but most importantly
6:38we have a strong leader
6:40with a compelling vision
6:42in the political will to realize it
6:46with a uniform unified support of our
6:48Congress and the Filipino people
6:50the new Marcos Administration is taking
6:53a whole of government and Nation
6:54approach to deliver on its promise to
6:58transform our economy
7:00we in the business Community believe in
7:03this vision
7:04and that's our longtime allies and
7:06partners
7:07we hope you will too
7:10I've seen many presidents in my lifetime
7:13and they all have their strengths
7:15the one we have today
7:17has quite cleverly gotten 30 of our
7:20country's busiest CEOs to voluntarily
7:23work for him
7:26I know this because I'm one of them
7:30and as convener of the private secretary
7:32advisory Council to the president I have
7:34witnessed the ability of this man
7:36to bring together the best Minds in
7:38business
7:39use them to find real solutions to real
7:42problems
7:43and then immediately Implement them like
7:46he was flipping a switch
7:49this is why we work for him
7:52because he listens to reason and gets
7:54things done
7:55because he has the humility to seek the
7:58help of those who know more in order to
8:01provide help to those who need more
8:05this is the kind of decisive
8:07action-oriented leadership we have today
8:10this is the kind of leadership that
8:14inspires the nation to believe in its
8:16true worth
8:18and this is the kind of inclusive and
8:20collaborative leadership
8:22that will transform our economy into the
8:25next big thing in Asia I thank you and
8:29good afternoon
8:31[Applause]
8:39and on that note I'd like to introduce
8:41the secretary Finance secretary jockner
8:43to introduce the president
8:46[Applause]
8:58ladies and gentlemen it is my honor to
9:01introduce to you the president of the
9:04Republic of the Philippines president
9:08Ferdinand ramaldes Marcos Jr
9:12[Applause]
9:22thank you
9:26please be seated
9:29and thank you uh secretary Ben jockner
9:33uh all the members of the cabinet of the
9:37Philippines Mr John Tuttle the vice
9:39chairman of the New York Stock Exchange
9:42and for those kind words from Mr Sabine
9:45abortis the convener of the private
9:48sector advisory Council uh we have also
9:52with us the Speaker of the House house
9:55Speaker Ferdinand Martin romwaldes
9:58and the our ambassador to the United
10:02States Ambassador Jose Manuel romualdes
10:05also with us is our permanent ambassador
10:09to the U.N
10:10Ambassador Antonio senior
10:15and I would be uh remiss if he died did
10:18not of course include uh in my greetings
10:21the first lady uh Lisa Araneta Marcos
10:28distinguished guests here today ladies
10:32and gentlemen good afternoon
10:35on behalf of the Philippine delegation I
10:37wish to express our gratitude to the New
10:40York Stock Exchange for inviting us here
10:43today I consider it an engagement of
10:47invaluable opportunity to share with you
10:50how we are further opening up our
10:52economy to accelerate our recovery
10:56bouncing back from the pandemic the
10:59Philippine economy has seen robust
11:01growth since last year and has returned
11:04to its path toward upper middle income
11:07country status achievable We Believe
11:10within the next few years
11:12against this backdrop we have increased
11:15the scope for mutually beneficial
11:17Investments That would mean more jobs
11:20and a better quality of life for
11:22Filipinos
11:23for investors doing business in the
11:27Philippines is an opportunity to reap
11:29the benefits of a vibrant economy
11:32we are proud to share that we recently
11:35enacted policies to further liberalize
11:38our economy and welcome more foreign
11:41investment to our Shores
11:43first we passed legislation to lower
11:46corporate income tax rates and
11:48rationalize fiscal incentives
11:51second we reduce the minimum paid up
11:54Capital requirements for foreign
11:56retailers and foreign startup startups
11:58bringing in advanced new technology
12:02and third we now allow full foreign
12:06ownership of companies providing public
12:08services such as telecommunications
12:11shipping air carriers Railways Subways
12:15airports and toll roads
12:17the United States and the Philippines
12:19have strong and enduring ties in trade
12:23and commerce among many other areas of
12:26cooperation
12:27the U.S is our third largest trading
12:30partner and second major source of
12:32foreign direct investment applications
12:35in 2021.
12:38to International investors the
12:40Philippines offers high quality labor a
12:44large consumer market and a wide range
12:47of fiscal and non-fiscal incentives
12:50at the same time we remain committed to
12:53maintaining sound macroeconomic
12:55fundamentals providing a clear
12:57development roadmap
13:00let me expound a little bit on these
13:02important points
13:04first sound macroeconomic fundamentals
13:08our gross domestic product is projected
13:10to grow by six and a half to seven and a
13:13half percent this year
13:15by six and a half to eight percent from
13:182023 to 2028.
13:22the employment situation has improved
13:25following the temporary disruption
13:27caused by the pandemic the unemployment
13:30Spike of
13:3117.6 in April 2020 fell drastically to
13:365.2 percent in July this year the lowest
13:40record for all July rounds of our labor
13:42force survey since 2005.
13:46manufacturing activity has accelerated
13:48staying above the growth threshold of 50
13:51for the past seven consecutive months
13:54and settling at 51.2 last August
13:59trade is back to double-digit growth
14:01with demand for trade Partners boosting
14:04our exports and with domestically
14:06situated firms importing more inputs in
14:09anticipation of rising demand
14:12at the same time
14:14with our commitment to fiscal discipline
14:16the country's debt to GDP ratio has
14:20improved to 62.1 percent as of in June
14:24this year from 63 and a half percent in
14:27the previous year
14:29at the height of the covid-19 crisis the
14:33government implemented massive stimulus
14:35programs to readily support the most
14:37vulnerable sectors
14:39Although our borrowings increase
14:41substantially during the pandemic we
14:43continue to reduce the cost of our
14:45public debt through judicious debt
14:47management
14:49now that the economy is reverting to
14:51normalcy the government is likewise
14:54heading back to the path of fiscal
14:56consolidation
14:57we will reduce the government debt to
15:00GDP ratio to below 60 percent by 2025
15:04and further down to 51.2 percent by the
15:09end of my term in 2028.
15:13our economy's resilience to crisis is
15:16recognized internationally
15:18the Philippines has maintained its
15:20investment grade credit ratings
15:22throughout the pandemic amid the wave of
15:25rating downgrades globally
15:27as we look forward to achieving upper
15:30middle income status we are also gearing
15:33up for eight territory credit ratings in
15:36the medium term
15:37on the external front we have sufficient
15:40buffers against external shocks
15:43supported by Steady inflows of overseas
15:46Filipino remittances receipts from
15:48business processing Outsourcing and
15:51foreign direct investment our gross
15:54International reserves stood at 99
15:57billion dollars as of end August
16:00equivalent to 8.3 months of import cover
16:05this remains more than sufficient to
16:07cover the Econo the economy's foreign
16:09exchange needs moving on to my second
16:12Point our Economic Development roadmap
16:16in the near term our top priorities are
16:19protecting the purchasing power of
16:21families by managing inflation reducing
16:24the scarring effects of the pandemic and
16:27ensuring sound macroeconomic
16:30fundamentals
16:31thus we are implementing policies that
16:34enhance food security transport reduce
16:37energy costs and logistical costs
16:41strengthen social protection and enhance
16:43the quality of education and skills
16:46training of our workers
16:49as we pursue our short-term agenda we
16:52build the foundations for a stronger
16:55more inclusive future
16:57our medium-term agenda includes reducing
16:59the poverty rate to single digits by
17:022028 and undergoing an industrial
17:05transformation through which science
17:07technology and Innovation and
17:10sustainability will drive our Industries
17:14in all our endeavors the private sector
17:16must be a partner
17:19we seek Partnerships in many areas of
17:22our development agenda in public
17:24infrastructure such as mass transit
17:26systems airports toll roads in public
17:29services in digitalization initiatives
17:31in the energy development agenda in
17:34efforts to modernize agriculture
17:37and in programs aimed at strengthening
17:40our Industries to just name a few
17:44for American businesses we offer
17:46investment opportunities in areas such
17:48as information technology and business
17:51process management or itbpm
17:55medical products and devices electric
17:58vehicles and batteries agribusiness and
18:01Telecommunications infrastructure and
18:03services
18:04despite external headwinds the
18:07Philippines economies resilience
18:09reinforced by sound policies and
18:11decisive leadership makes us confident
18:13about our future
18:16over the past few decades as the
18:19Philippines transformed into one of the
18:21most promising Emerging Markets the
18:23United States has been among our steady
18:26partners
18:27for that we are truly grateful
18:31at the same time American companies
18:33doing business in the Philippines have
18:35benefited significantly from our
18:37economic successes
18:39I wish to emphasize that the Philippines
18:42is Keen to continue nurturing the ties
18:45that help produce mutual benefits for
18:48both our economies our organizations and
18:51our peoples
18:53let us achieve many more Milestones
18:56together
18:57thank you very much for this opportunity
18:59and good afternoon to you all
19:03foreign
19:05[Applause]
19:23well thank you very much Mr President
19:25for your remarks
19:27and obvious support of investment in the
19:30Philippines
19:32in your speech you discussed the fact
19:34that the Philippines is now allowing
19:36full foreign direct ownership in
19:39companies providing public
19:41infrastructure
19:42how important is foreign direct
19:44investment into achieving those economic
19:46plans of yours Mr President
19:48well I uh
19:52uh certainly uh as we attempt to
19:56transform the economy and I use the word
19:59transform uh because in my bill it is my
20:03belief that the way
20:06to
20:07bring our economies back to the activity
20:10the level of activity that we enjoyed
20:12before the pandemic we have to
20:15understand that the global economy has
20:17changed and we have to position
20:20ourselves certainly uh to be able to to
20:25be to take advantage of those changes to
20:28uh to have a head start in the new
20:32economy that we are still as of now
20:36starting to form globally and a large
20:41part of that will be foreign investment
20:43in the Philippines and when I speak of
20:46foreign investment I speak especially of
20:49uh Capital intensive investment because
20:53although we have our GDP if we look at
20:56our GDP figures a great deal of the
21:00contribution to GDP has been in our
21:02service sector and therefore we think
21:05that it is manufacturing the area of
21:08manufacturing where we can still do a
21:10better job and this is one way the
21:13foreign direct investment Capital
21:16intensive uh investment is also
21:18something that we are going to actually
21:21to need uh for us to be able to achieve
21:24the targets that we have set for our
21:27economy have set for our our country and
21:30it is going it is going to be key as we
21:34are trying to
21:36we are trying to
21:38define or determine the mix between uh
21:43loans and capital intensive uh
21:47investment so the part that Capital
21:50intensive Investments play is going to
21:54be a very important a very important
21:57aspect of this transformation of our
21:59economy that I speak of so uh the that
22:03is a large part of what we are doing
22:05here and that is why when I came here to
22:08New York ostensibly first of all because
22:11we are attending the I will be speaking
22:14before the U.N General Assembly tomorrow
22:16but I also brought the whole economic
22:20team of the government of the cabinet
22:22with us and again the private sector uh
22:28represent Business Leaders also are here
22:30with us precisely to
22:34show and explain once to our prospective
22:39investors where the Philippines is
22:41headed what changes we have made for the
22:43so that investment will be more
22:46profitable and more attractive for
22:49foreign investors especially coming from
22:51the United States so it plays a central
22:54role in all that we are planning to do
22:57for our economy it is uh once again uh
23:01something that we recognize in
23:05government we have a part to play in we
23:08have two fundamentally restructure the
23:12bureaucracy the government
23:14we listen to the Chambers of Commerce
23:17that that tell us what are the obstacles
23:21that they find that they're in their way
23:23such the ease of doing business the
23:25prices of energy all of these uh and
23:28these other legislative legislative
23:30guarantees that the investors are
23:33looking for and we we are ahead I
23:35believe we are headed in the right
23:36direction and I believe that if we
23:39continue down this road and we are able
23:41to attract investors uh to this new
23:45investing climate that we are starting
23:48to create in the Philippines then I
23:51believe that with the role that foreign
23:54investment will play foreign direct
23:55investment will play uh I think we could
23:58succeed but that is that just
24:01illustrates how important we consider uh
24:04that investment to the transformation of
24:07our economy
24:08well thank you very much Mr President
24:10you mentioned two themes in particular
24:12one was of course foreign direct
24:13investment but you also touched on the
24:15United States and it being one of the
24:17most important investors in the
24:20Philippines now the United States and
24:21the Philippines have long enjoyed a very
24:23productive relationship and partnership
24:27can you talk a little bit about that
24:29partnership and how you see it going
24:31forward
24:32well it our relationship has gone gone
24:36back for over a hundred years between
24:38the United States and the Philippines
24:40and as I am we just earlier today we had
24:46a lunch that was hosted by the U.S
24:51Philippine society and I spoke to them
24:54and we talked to perhaps more on the
24:57subject of geopolitics and I explained
25:00that it is very clear to me in my vision
25:03for the the way that the country will
25:06move forward uh that I cannot see the
25:09Philippines in the future without having
25:12the having the United States as a
25:16partner and although I was referring to
25:18the geopolitics of it and I was
25:21referring to the political situation in
25:24the region and around the world that
25:26certainly does continue to apply
25:29in our exchanges in the in the economic
25:32front and uh many of the drivers of our
25:36early economy were actually American
25:39corporations
25:41um many of the strongest uh uh corporate
25:45uh benefactors really to government and
25:48to the rest of society in the
25:50Philippines where coming from the United
25:52States now of course uh this has evolved
25:56as time has gone on but the strength of
25:59that relationship continues and we
26:02envision a strengthen a further
26:04strengthening of uh those relationships
26:07I I believe that the political economic
26:12diplomatic relations that we make the
26:15Partnerships that we Forge or that and
26:18that we strengthen now are going to be
26:21extremely necessary for the simple
26:23reason that they provide the stability
26:26in this highly unstable economic
26:29political geopolitical diplomatic
26:32environment this is something that that
26:35is Central to our thinking you know it
26:38comes to the economic the economic
26:40planning for the Philippines so again uh
26:44we have adjusted many of our ways of
26:48doing business uh at the behest of our
26:51friends in the in the United States and
26:54of the Americans businesses that are
26:57already in the Philippines and so I
27:00think that that will
27:01give us great opportunities in the
27:04future and for both our countries for
27:07private corporations for
27:10um for government to government
27:12agreements and Arrangements we have
27:16really opened up the policy of the
27:19Philippines to to more of these public
27:23private Partnerships uh but not only
27:27ppps but also so G2G arrangements as I
27:31mentioned uh joint venture from between
27:34private entities and it is something
27:37that we feel uh can actually be achieved
27:40so the United States is has always been
27:44Central to that uh I I I cannot
27:47overstate really the role that the
27:49United States has played uh in the
27:52Philippines in every aspect of our lives
27:55and so this is just a continuing
27:58Evolution and straight and I believe
28:01strengthening of that relationship
28:03between the United States and the
28:05Philippines and uh we are driven
28:08together uh in many ways by forces that
28:12that exist now in in the world and uh
28:16that I think is something that the not
28:19that is that is not that we certainly in
28:23the Philippines and I think not in the
28:25United States either that we are
28:27resistant to so so it is something that
28:30we can I I can see uh as becoming
28:33stronger and becoming more robust uh as
28:37the as as we work together uh towards
28:40the new towards exploiting uh properly
28:44the new global economy
28:48thank you very much Mr President you uh
28:50you touched on American businesses
28:52investing in the Philippines and the
28:54opportunities to do that through
28:55public-private Partnerships the
28:57infrastructure projects you identified
28:59on the onset as well
29:02but as as we look at the population and
29:05we look at the economy it's young it's
29:07Dynamic it's Tech focused it has high
29:10English language fluency it's in it's
29:13it's right for investment what is your
29:16message to investors in this room those
29:19watching us from around the world
29:21for how to invest in this next
29:23generation
29:25of Philippine companies that one day
29:28selfishly we hope will come here to the
29:30to the New York Stock Exchange to raise
29:32capital and to grow and expand and even
29:34do more things what is your message to
29:35them Mr President
29:37well
29:39to achieve exactly was uh what you were
29:42saying uh to begin with uh yes we
29:46certainly when we uh when when I'm asked
29:50what why do you have of such a bright
29:52view of the future and I all my answer
29:55is always that uh there are 110 million
29:59Filipinos that are working towards the
30:01same goal and that I still believe is
30:05our Workforce is still our greatest
30:07asset and it is something that we have
30:11seen succeed uh in the first of all and
30:14with with our overseas uh Filipino
30:17workers but also in the development of
30:21the more sophisticated businesses that
30:24have come to the country and the highly
30:27technical uh highly requiring requiring
30:31technical proficiency requiring good
30:33training in schools we will we will
30:35still continue uh to try and and prove
30:40the education system in terms of the
30:43technical side the tech the technical
30:45side of our of our workforce's training
30:48and as we know because it is becoming
30:51more and more important in the world but
30:54the young people in the in the
30:57Philippines also I suppose it does there
31:01is a form of institutional memory uh and
31:04we still look to the United States as
31:06our partners when we are in crisis we
31:09look to the United States we look to uh
31:13the uh the relationship that has been
31:15forged over the many years and I have to
31:19say that the reason that we have done
31:21that is that for the most part we can
31:25say that the United States has not
31:27failed us that sentiment remains in our
31:32young men and women that sentiment
31:36remains and will I think be further
31:40fostered if we are able to show some
31:44successes at least immediately we show
31:47some immediate successes in this
31:49partnership and that will Galvanize our
31:52young people to continue to work in that
31:54direction that I think is something that
31:58will come naturally if we are able to do
32:01all of the things that we are hoping to
32:04do to transform the economy to adjust
32:07now we are I believe the youngest
32:10country in Asia and with the graying of
32:15other countries around the region this
32:18gives us an advantage in terms of uh I
32:22suppose the uh the population dividend
32:26it was was has been referred to before
32:29uh it gives us an advantage in terms of
32:31the population dividend and they are
32:34ready to take up the cultures they are
32:37ready to work for the country they are
32:39ready to do what needs to be done to
32:41bring the country forward and I um I I I
32:46feel confident in saying that because in
32:49the last election it was the young
32:52people who drove forward the idea that
32:56we must continue to invest in our young
33:00people we must continue to train them
33:03properly we must continue to make them
33:06competitive anywhere in the world but
33:09most hopefully in the Philippines with
33:12our partners and with our allies
33:15well thank you very much Mr President it
33:17is clear it is clear you have a plan you
33:21have an opportunity and I know I speak
33:24for many Business Leaders and investors
33:26in this room that they leave today not
33:27only with a renewed sense of optimism
33:29but a further enhanced and strength and
33:31sense of optimism about the
33:33opportunities in the Philippines and on
33:35behalf of the New York Stock Exchange we
33:36are thrilled to play our small little
33:38part today in providing a platform for
33:41you and your country to deliver that
33:42message and there's no better platform
33:44than the Bell which is the most highly
33:46viewed news event in the world on a
33:47given day
33:49um
33:50similar to to what Mr Boyd just
33:53mentioned we are all thrilled to be here
33:56um because we were when we were talking
33:57before coming out here I said well you
34:00know of course we're familiar with the
34:03New York Stock Exchange and the bill and
34:05the most that most important balcony in
34:07the world uh uh but now we but we had
34:11always watched it from afar and the to
34:15to get have the opportunity to be here
34:18personally and to be with all of you in
34:21the New York Stock Exchange has been a
34:23great opportunity and a great pleasure
34:24wonderful thank you very much it is our
34:26honor to have you here Mr President
34:28thank you all for being with us today
34:30and we'll make our way down and ring
34:33that Bell Mr President thank you very
34:34much
34:36[Applause]
34:38foreign

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