PRESIDENT Marcos Jr. returned to Manila late Wednesday from a two-country state visit, bringing home $14.36 billion (about P804.78 billion) worth of pledged investments that will help boost the economy and generate at least 20,000 jobs for Filipinos.
The President said the pledges are contained in 10 letters of intent and 12 memoranda of understanding from 22 Indonesian and Singaporean investors involved in renewable energy, data centers, e-commerce, broadband technology, start-ups, government housing, and agriculture, among others.
“These investments, if we put it all together, value $14.36 billion or P804.78 billion. This will support our country’s economic recovery efforts and create more jobs for Filipinos here in our country,” Marcos said.
He reiterated that his government will do everything to ensure that these pledges will be “completed.”
“We look forward to doing the work, the detailed work that is necessary to bring all of these proposals to fruition.” he said.
Press Secretary Trixie Cruz-Angeles said that the President, before returning to the country, secured around $6.54 billion worth of foreign direct investments from Singapore, which could translate to 15,000 jobs. She previously said that $8.4 billion worth of pledged investments would come from Indonesia, which could generate more than 7,000 jobs.
Angeles said topping the list of Singaporean investments to the Philippines are electronic tricycles, worth about $5 billion, to help lessen air pollution emitted by an estimated 3.5 million tricycles nationwide; a $1.2-billion floating solar energy project; the setting up of a data center, worth $200 million, which will employ Filipinos from the information technology and creative industry.
She said Singaporean businessmen also expressed interest in the “blue economy” and are expected to invest between $10 million and $100 million in the areas of marine renewable energy, water production, desalination, electric boats, and aquaculture, while investments on “innovation platform for start-ups” and on “women in technology” will get $20 million each.
Angeles said that in addition to foreign investments, Singapore has also approved the hiring of some 10,000 more Filipino workers: 5,000 aircraft technicians for the aviation industry; 3,000 healthcare workers in the medical industry; 1,000 skilled workers in the engineering industry; 500 workers in the Education industry; and 300 workers in the IT sector.
Marcos is set to go on another official foreign trip, to the United States within this month.
‘SUCCESS’
The President said his visits to Indonesia and Singapore have been “a success” and “very productive.” He also said these enabled him to discuss with his counterparts the Philippines’ relations with their two countries.
With Indonesian President Joko Widodo. Marcos said he discussed cooperation in the areas of defense, security, trade and investment; importing fertilizers and increasing coal imports from Indonesia; delimitation of borders; and commitment to stronger cooperation as fellow members of the Association of Southeast Asian Nations (ASEAN).
“Notably, President Widodo and I discussed the delimitation of our boundaries, respective to our continental shelves, which I hope can become a template for resolving conflicting claims,” he added.
In Singapore, Marcos said, he discussed with Singaporean President Halimah Yacob and Prime Minister Lee Hsien regional and global issues that affect security the region, and the coronavirus disease pandemic and the recovery efforts. They also witnessed the signing of agreements on counterterrorism, personal data protection, digital cooperation, water resource management, and investment.
“We were cognizant of our roles as neighbors and partners in Asean. We all share the view that in this time of geopolitical turmoil and uncertainty, unity, mutual respect and the principle of sovereign equality should always prevail in our efforts to uphold peace and stability and an environment conducive to our continued national development,” he said.
