President Bongbong Marcos invites Cambodian businessmen to invest in the Philippines

President Bongbong Marcos urged Cambodian business leaders to invest in the Philippines. The President is in Cambodia to attend the 40th and 41st Association of Southeast Asian Nations Summits and other related summits./Office of the Press Secretary/

(Eagle News) — President Bongbong Marcos urged Cambodia’s business leaders to “take a look at the opportunities that are available in the Philippines.”

The President, who is in Phnom Penh to attend the 40th and 41st Association of Southeast Asian Nations (ASEAN) Summits and other related summits, made the pitch when he noted that the “path we have taken is this.” to guide the economy in the right direction.”

“I’m not talking about economic recovery, I’m talking about transforming the economy because the new economy will be different than anything we did in 2019. And that’s what we’re looking forward to and I hope to see you all in the Philippines soon,” he said.

In his pitch, the President also cited the report from the Philippine Bureau of Statistics, which found that the unemployment rate in the country is 5 percent, meaning the number of unemployed Filipinos has dropped to 2.5 million.

He also noted the report from the National Economic Development Authority that the Philippine economic growth accelerated by 7.6% from July to September.

Growth of 7.5% was reported in the previous quarter.

Philippine government housing targets

During the meeting with business leaders, the President also spoke about his administration’s goal of tackling the six million Filipino housing backlog.

He said the goal is to build 1 million low-cost, socialized homes a year.

Although “an ambitious number,” he said, “we’re going to try very, very hard.”

According to the Office of the Press Secretary, the Philippines and Cambodia also agreed to increase their cooperation in various areas, including agriculture (mechanization, rice import and food processing); micro, small and medium-sized enterprises (MSMEs); Energy; and cheap housing.

The President is also expected to meet with other global leaders during the ASEAN event, scheduled from Thursday, November 10th to Sunday, November 13th.