Since the commencement of the coronavirus disease 2019 (Covid-19) pandemic in March 2020, the Canadian…
PBBM invests P3.48 trillion as a result of its travel abroad.
According to a Friday statement from Malacanang, President Ferdinand R. Marcos Jr.’s international travels have resulted in 116 investment projects worth a combined PHP3.48 trillion (USD62.926 billion).
The figures were revealed when Marcos met with representatives of the Office of the Presidential Assistant on Investment and Economic Affairs (OPAIEA) and the Department of Trade and Industry (DTI) on Thursday at Malacanang Palace in Manila to discuss the investment commitments his administration was able to secure during his overseas trips.
Marcos, the DTI, and the OPAIEA discussed the specifics of his international travels at the meeting, according to a statement from the Presidential Communications Office (PCO) Secretary Cheloy Garafil.
Garafil stated that Marcos’ visit to China in January of this year resulted in the greatest investments, totaling USD 24.239 billion, citing DTI Secretary Alfredo Pascual’s report.
She pointed out that following Indonesia ($8.48 billion), Singapore ($6.54 billion), Thailand ($4.62 billion), the United States ($3.87 billion), and Belgium ($3.87 billion), Marcos’ most recent trip to Japan had produced investment leads worth USD13 billion (USD2.20 billion).
According to Garafil, of the promises, USD4.349 billion or PHP239 billion have come to pass with the enterprises at various levels of project implementation in the nation. While confirmed projects totaling USD28.863 billion or PHP1.5 trillion are in the planning stages, projects worth USD29.712 billion or PHP1.7 trillion already have existing Memorandums of Understanding (MOU) or Letters of Intent (LOI).
Marcos expressed happiness that the financial commitments he made during his international travels are beginning to materialize, stating that the commencement of some projects’ inauguration may occur “in the next few of weeks.”
Following the meeting, Marcos was cited by the PCO as saying, “We’re starting to delve into the details of all of those MOUs and LOIs that people have seen us witnessing, mga pirma-pirma and exchanges sa (the signing of agreements and exchanges in) different nations.” “I can already report that several of the MOUs we signed in Singapore and Indonesia have already produced results (already have results). In fact, I believe we will begin to officially launch some of these projects in the coming weeks.
Marcos stated that it is time to compile all of the investment pledges and figure out what has to be done following his recent five-day business trip to Japan.
The rules and regulations that are “not investor-friendly,” according to Marcos, are among the problems plaguing the corporate sector.
“And the next thing will be to merge all of the different government entities so that we are operating under the same plan,” he continued. We must strike while the iron is hot, therefore that is what we will do, he added, adding, “Yun ang gagawin natin (That is what we will do). “We’re moving very fast to, as I say, make sure that we immediately explore those chances and make use of the contacts that we made during these trips,” said the representative.
The OPAIEA, managed by Frederick Go, serves as a presidential delivery unit that advances the President’s top priorities in economic and investment policy, assuring, among other things, the prompt implementation of investment projects, trade agreements, and commitments.
The investment commitments made during Marcos’ international trips, according to Socioeconomic Planning Secretary Arsenio Balisacan, would benefit Filipinos long after the President’s term as they would help create jobs and increase productivity.***
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