Metro Manila (CNN Philippines, January 23) — President Ferdinand Marcos Jr. on Monday said foreign investors wanting to do business in the Philippines do not bring up the issues of transparency and accountability in discussions, but they bring up the ease of doing business and power costs in the country.
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CNN Philippines’ senior anchor Rico Hizon asked the president what he thought of the criticism that no matter what the country does to invite investors, if there is a lack of transparency and accountability there would be no confidence in the Philippines.
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“They bring up ease of doing business, they bring up the cost of energy, they bring up the problems of legislative guarantees. Those who are actually contemplating putting good money in the Philippines have other issues. Accountability and transparency is not an issue,” Marcos said in response during a sit-down interview with the media.
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The president, however, agreed accountability and transparency should be present.
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“That’s axiomatic, who’s going to argue with that?” he said.
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Streamline, digitalize
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Marcos has gone on several foreign trips since he took office in June 2022. Upon his return from the World Economic Forum in Davos on Saturday, he announced new investment pledges were made.
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RELATED: WEF 2023: Global firms commit to invest, expand operations in PH, says Palace
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The president said certain things have to be done to make sure that investments will keep coming.
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“The bureaucracy has to be streamlined… So the digitalization is going to be a very important part of that,” he said.
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Marcos has consistently pushed for the digitalization of government services, and he has asked Congress to approve bills tackling the issue.
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In the interview with broadcast journalists, Marcos said every Filipino who is connected to the internet handles most everyday transactions online — except matters related to the government.
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“The ordinary Filipinos who have connectivity talk to every aspect of their lives through the internet… And the only entity that they do not talk to over the internet is the government because the government is not digitalized. So let’s digitalize the government and we will, that will take us a long way to helping in the ease of doing business,” he explained.
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Better power sources
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Marcos also said addressing the increasing demand for power is a major concern, adding the government is doing all it can to improve the energy situation.
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“The demand for power far exceeds the supply that we are producing. And there is also a problem in distribution which is why the prices are so high. That has to be fixed also,” he said.
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He said the issue is being discussed in his foreign trips, along with what can be done to broaden renewable energy.
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“But that’s a long term. Anything I start, anything this government starts, we will not see the end. Ang nuclear power plant six years, seven years eh. Ang floating wind turbines, six years, seven years ganoon din. Anything is six years, seven years. But we have to start. So that’s what we’re planning to do. We will start,” he added.
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Watch the president’s media conference here:
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