NextGen Day

President Ferdinand R. Marcos Jr. received USD 22.8 billion in investment pledges during his three-day official visit to China in January. These investments are anticipated to create thousands of jobs and facilitate the transfer of technology to the Philippines.

The President stated in a media interview in Beijing that “it’s definitely going to produce many, many jobs, when the investments come into play when they start their activities.”

“Mag-uumpisa nga ‘yan sa (That will start in) training… capacity building—- doon sa magiging empleyado nila (of their future employees),” Marcos continued.

According to Malacaang, Chinese investors have recently committed USD22.8 billion in investment, of which USD1.72 billion will go toward agribusiness, USD13.76 billion will go toward renewable energy, and USD7.32 billion will go into strategic monitoring (electric vehicles, mineral processing).

President Marcos stated that “some of these investors have already started their building, have already started opening their offices, and all of that.”

With relatively new industries like mineral processing and the production of batteries and electric vehicles, Marcos said it is up to the nation to further convince potential investors that the Philippines is a viable place to place their money.

Marcos also spoke on the significance of transferring technology and reducing profit repatriation.

So that is what we are now looking for. To ensure that the value added is retained in the Philippines and that these investments not only create jobs for the local economy but also a transfer of technology, the official said.

The agreement between SteelAsia and Baowu Steel alone, according to Philippine Ambassador to China Jaime FlorCruz, will bring in USD1.5 billion to USD2 billion in investment and create 2,000 to 3,000 employment.

FlorCruz claimed that a number of Chinese businesses are especially eager to transfer their expertise and technology in artificial intelligence (AI) and data cloud computing to the nation.

He claimed that these businesses are prepared to upskill and train young Filipinos, giving them the choice to work for them or for other businesses.

“To po is ay umpisa pa lang. It is not the beginning of our trade or business relations with China; rather, it is just the beginning “explained FlorCruz.

“There are other prospective ideas that we could explore and definitely pursue. In light of the fact that there are additional prospective projects that we can research and explore, the Iyong 22 billion-pledge (iyan ay) umpisa sa maaari pang makuha nating mga advantages. The USD22 billion pledge is just one of the advantages that could result from this “Added he.

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