By Prince Golez
President Ferdinand Marcos Jr. praised the Filipino labor force on Wednesday, assuring European businessmen of his continued support for ease of doing business and improving the country’s business climate.
“The Filipino workforce is our greatest advantage. We have a sizeable population of 107 million Filipinos and our labor force presently stands at 50 million,” Marcos Jr. said during the Philippines-European Union (EU) Business Roundtable in Brussels, Belgium.
According to the President, the Philippines produces 800,000 annual graduates across several disciplines, with the majority of them enrolling in business administration, education science and teacher training, engineering and technology, information technology-related disciplines, and medical and allied courses.
The median age of the country’s population is 25 years old, and more than 60 percent of the labor force of 49 million are of working age, he added.
“Apart from the young, the Philippine workforce is distinguished by high trainability… proficiency in English language, technological skill, cost-efficiency, cultural adaptability and a low turn-over or attrition rate,” said Marcos Jr.
The Philippines also offers access to the Association of Southeast Asian Nations (ASEAN) market, which has a population of approximately 600 million, as well as to key markets via Free Trade Agreements (FTA) and Generalized System of Preferences (GSP), such as with the United Kingdom and Canada.
In his speech, the President reaffirmed the country’s commitment to maintaining its EU GSP+ beneficiary status as a stepping stone toward a PH-EU Free Trade Agreement.
The government is currently working on an Executive Order on the Creation of Green Lanes, which seeks to mandate concerned offices to establish a Green Lane to expedite and streamline processes such as permit and license issuance, as well as the resolution of issues in strategic investments, he told businessmen.
The measure requires government agencies and local government units to process a permit or license application within three working days in the case of a simple transaction, and 20 days in the case of highly technical transactions.
Additionally, Marcos Jr. said the Philippines is open for business and that his administration is working to ensure sound
macroeconomic fundamentals through improved bureaucratic efficiency, sound fiscalmanagement, job creation through investments, improved infrastructure, and energy security, among other things.
He also cited the achievements of the country in terms of economic growth, foreign direct investment (FDI) net inflows, investment approvals, manufacturing productivity and merchandise exports, among others.
The country, according to him, is an ideal regional hub for sustainable and innovation-driven manufacturing and services, as well as for clean technology and renewable energy sources.
Marcos Jr. said the Philippines is endowed with abundant natural resources to host Europe’s key sectors.
The Chief Executive remarked on the presence of Philippine companies in Europe, hoping to see more of these companies in the future as Europe improves its regulatory regime to remain open, transparent, and business-friendly.
“I would like to assure you that the Philippine Government will continue to provide support for businesses and investments to continuously grow and prosper,” he concluded.
