THE International Chamber of Commerce’s (ICC) local head urged President Ferdinand Marcos, Jr. to make more state visits to friendly countries to open many doors for trade and investment.
Jesus Varela, ICC Philippines director general, said the administration should take advantage of bilateral and multilateral trade opportunities to further energize the economy after the country’s sub-optimal second-quarter gross domestic product (GDP) growth.
“The President is the number one salesman of the Philippines. When he visits a foreign country with a delegation of top Filipino businessmen… that virtually ensures stronger economic ties with that country,” he stressed.
Varela also said Marcos’ impending official visit to Vietnam in January 2024 not only offers an opportunity to develop economic ties, but also to solidify the defense alliance between two West Philippine Sea (WPS) stakeholders.
He explained that the best way to strengthen security ties between ASEAN member states is to first expand their economic bonds.
Marcos met with Vietnamese Prime Minister Pham Minh Chinh during the ASEAN 2022 and 2023 summits, where they vowed to expand ties in trade, agriculture, defense, and maritime security.
“Having the United States on our side is great. But they are so far away. What we need is for neighbors to be looking out for one another,” he added.
Communications Secretary Cheloy Garafil previously said the Office of the President’s travel expenses increased to P403,087,594 in 2022 from P36,791,902 in 2021 because the government aims to revitalize the economy through domestic and foreign engagements.
Garafil stressed that when Marcos assumed office in June 2022, he already intended to have direct communications with local and international communities.
“We reiterate that the administration, guided by its eight-point socioeconomic agenda, avails opportunities to generate more foreign investments in our post-pandemic recovery initiatives,” Garafil said in a statement.
“At the same time, we also hope to elevate our position in the international community through stronger bilateral ties and improved relations with multilateral or international organizations,” he added.
Meanwhile, the business leader said the Philippines’ 4.3 percent GDP growth in the second quarter was a good achievement in view of the minuscule or stagnant growth of many developed economies during the same period.
“Everyone else is going down, but we [have] still grown… we are still good,” he noted.
The Paris-headquartered ICC is touted to be the largest, most representative business organization in the world.
On its website, the ICC said it is the institutional representative of 45 million companies in over 170 countries, making it easier for businesses to trade internationally.
The ICC has three main activities: rule setting, dispute resolution and policy advocacy. (PNA)
