SEN. Juan Miguel Zubiri said on Wednesday that the Philippines can be a prime defense manufacturer and exporter, adding the government should prepare attractive deals for foreign investors.
“We’re part of RCEP (Regional Comprehensive Economic Partnership), so what? Ten other Asean countries are part of RCEP, but they are offering the sun, moon and the stars to these investors,” the senator said during the hearing of the Senate Special Oversight Committee on the RCEP agreement.
“As a party to the RCEP agreement, the Philippine government should formulate better investment pitches for prospective foreign investors to successfully land more investments for the country,” Zubiri added.
He said this is the best time to position the country as a defense manufacturer and exporter in Southeast Asia following the Senate’s ratification of the Self-Reliant Defense Posture (SRDP) Act.
Zubiri said an influx of defense investors was expected after President Ferdinand Marcos Jr. signed the bill into law.
The measure, he added, would be fortified by the Special Defense Economic Zone Act (Spedeza) currently being deliberated in the Senate.
Zubiri said the RCEP has paved the way for the SRDP Act, which provides a framework for a revitalized in-country defense production industry.
He added that Spedeza mandates the establishment of a special defense economic hub in Limay, Bataan.
“Defense investors are not just interested in setting up shop here so they can sell to the Philippines. They also want to come here so they can export to other RCEP countries, like Korea, Japan, Australia, New Zealand, among others,” the senator added.
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