President Marcos called for more collaborations between public and private sectors in Southeast Asia to improve the region’s digital economy.
In his intervention during the Leaders’ Meeting with representatives from the ASEAN Business Advisory Council, Mr. Marcos said the private sector plays a “critical role” in addressing key challenges in the ASEAN Digital Economy Framework Agreement (DEFA).
“As the region advances towards the goals outlined in the ASEAN DEFA, it is imperative that both public and private sectors collaborate closely to address those challenges,” Mr. Marcos said.
The President said the private sector can take the lead in digital commerce and industry, while mobilizing investment to enhance cybersecurity and infrastructure readiness, such as digital connectivity and technological advancements which are fundamental for a thriving digital economy.
Speaker Martin Romualdez, for his part, said strengthened digital connectivity and digitalization are key drivers of economic growth in the ASEAN region.
“The President’s push for stronger digital connectivity in ASEAN translates to real, tangible benefits for the Filipino people,” he said.
“By fostering innovation and increasing access to digital markets, we are unlocking opportunities for local businesses, especially MSMEs, and creating new jobs for our workforce. The President’s vision of a digitally connected ASEAN where innovation thrives and opportunities abound is fully aligned with our own national efforts,” Romualdez added.
According to the Philippine Statistics Authority, the country’s digital economy in 2023 amounted to about $35.4 billion, contributing 8.4 percent to the country’s gross domestic product. This resulted in a 7.7 percent growth from the $33.6 billion Gross Value Added of the digital economy in 2022.
As this developed, Mr. Marcos welcomed the plan of SHERA Public Company Ltd. to invest P2.9 billion in the Philippines for the production of fiber cement building materials for local and export markets.
In a meeting with SHERA Public Company Ltd top executives on the sidelines of the ASEAN Summit in Laos, the President expressed hope the Thai company can make the Philippines its “center hub for export.”
“You started earlier and now you have products that I don’t think I’ve seen anywhere else that can claim that kind of green credibility that your products have, including the power that you use is also well,” Mr. Marcos said.
SHERA said it will build its plant inside TECO Industrial Park in Mabalacat City, Pampanga that is expected to commence operations by the first quarter of 2025.
The project will be SHERA’s first overseas operations in the Philippines that could employ 120 to 150 full-time workers.
Aside from manufacturing products for the Philippines, the Mabalacat facility will also export to Taiwan, South Korea, and parts of North Asia and Oceania.
SHERA has an annual production capacity of 1 million metric tons and a distribution network spanning over 15,000 points across Southeast Asia and India.
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