NextGen Day

The USD22.8 billion in investment commitments President Ferdinand R. Marcos Jr. obtained from Chinese companies during his three-day state visit to China will boost the nation’s attempts to restore its economy, he said.

In his remarks upon landing at the Villamor Air Base in Pasay City late on Thursday afternoon, Marcos stated that “when realized, these investments will boost our country’s economic recovery efforts and create more jobs for Filipinos within our country.”

The investment pledges would be released in “a more precise breakdown,” according to Marcos’ administration.

Chinese investors pledged USD22.8 billion in investments, including USD1.72 billion for agribusiness, USD13.76 billion for renewable energy (RE), and USD7.32 billion for strategic surveillance, according to a news release on Thursday (electric vehicle, mineral processing).

The President thanked all the participating businesses for their assistance in the Philippines’ transition to a more contemporary and sustainable agricultural sector at the roundtable discussion with agribusiness chief executive officers (CEOs) on Thursday in Beijing.

Trade agreements were largely dependent on the ratification of the protocol on Philippine durian market access to China during the agribusiness roundtable conference.

Additionally, investments were made in the development of durian production, processing, and marketing, as well as a substitute green technology for animal feeds and other products associated with agriculture.

In order to guarantee a sustained supply of agricultural inputs, particularly fertilizers, two cooperative agreements were also signed.

The President claims that because of the nation’s vibrant agribusiness ecosystem, ample land, and fishery resources, rich pool of skilled labor, accessibility of raw materials locally, favorable policy environment, and strong government support, the agricultural sector has significant potential to drive economic development.

He applauded several Chinese firms’ plans to invest in the production of coconuts, durians, and livestock in the Philippines, which he said might create much-needed jobs, enrich the sector’s research and development operations, improve local and international trade, and guarantee food security.

Due to the relaxation of foreign ownership restrictions on RE generation projects in December 2022, the roundtable discussions on renewable energy reported an increase in investment pledges in Philippine RE projects.

Aside from manufacturing equipment including wind turbine generation towers, foundations, blades, and other sections of wind turbines, investments in solar and wind power are also of interest.

Marcos claimed there is investment potential for Chinese companies in the Philippines due to the country’s predicted rapid economic expansion. He made these comments during a roundtable discussion on renewable energy with Chinese companies.

He added, “We anticipate increased Chinese investments in efforts to develop renewable energy sources, such as solar and wind, as well as in allied industries, such as battery energy storage systems and off-grid power supply systems.

He suggested that Chinese investors would see possibilities in the production of components and equipment for renewable energy projects in the hopes that they could assist the Philippines in gaining knowledge in the field of producing power generation equipment.

Additionally, the nation is open to investors in projects including solar energy, onshore and offshore wind turbine production, waste-to-energy, and other forms of renewable energy.

Marcos stated that the Philippine economy’s fundamentals are still sound and have been progressively improving in meetings with CEOs on topics such as mineral processing and electric vehicles (EVs).

He told the CEOs, “I tell you that our administration is committed to supporting your commercial operations in the nation.

He asked them to look into investment prospects in the production of battery precursors, EV assembly, and EV part and component manufacturing.

The President promoted investment collaboration on green development at the same time in platforms for technological innovation, including R&D facilities, innovation hubs, labs, and incubators.

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