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President Ferdinand “Bongbong” Marcos’ “fruitful” and “engaging” maiden state visits to Indonesia and Singapore resulted in USD14.36 billion (PHP804.7 billion) in investments for the Philippines.

On Wednesday evening, Marcos personally made the statement as soon as he arrived at Terminal 2 of Ninoy Aquino International Airport in Pasay City.

“I am proud to announce that we have signed and sealed a total of 10 Letters of Intent and 12 Memorandums of Understanding [MOUs] [memoranda of agreement] in the sectors of: renewable energy, data centers, e-commerce, broadband technology, start-ups, government housing, and agriculture,” he said. “We have also witnessed the signing of several Letters of Intent and MOUs from 22 Indonesian and Singaporean investors.”

“The total value of these investments is USD14.36 billion, which is equivalent to PHP804.78 billion. This will help our nation’s attempts to recover economically and generate more jobs for Filipinos living in our nation, he continued.

According to separate press announcements from the Presidential News Desk, the Philippines will bring home business transactions worth USD8.48 billion (PHP466.6 billion) from Indonesia and USD6.54 billion (PHP374.57 billion) from Singapore.

Marcos expressed his gratitude to the governments of Singapore and Indonesia for the chance to renew their relationship and look into potential areas of mutual assistance.

In fact, he continued, “I think my back-to-back trips to Indonesia and Singapore have been entirely beneficial.”

He claimed that, even though these investment arrangements were merely the “beginning” of foreign investors’ interest in investing in the Philippines, his administration would make every effort to see the agreements through to completion.

Additionally, he declared that the government would “not stop” until the common Filipino could experience these financial rewards.

“Now that this effort has begun, we will all bend ourselves to it. He added that we wouldn’t stop until we can state that these MOUs and Letters of Intent have produced outcomes.

In the meantime, Marcos assures Filipino immigrants working abroad in Singapore, Indonesia, and other countries that his administration would “take care” of them.

“Even though she is not in the Philippines, it is guaranteed that she will be able to complete her mission” (Even if they are no longer in the Philippines, our government will make sure that we will still take care of them). As they show the world that Filipinos are excellent at whatever they choose to do, our kababayans continue to be a source of pride, he added.

As the leader of the nation, he also expressed gratitude to them for their unwavering support and confidence in him, which he said keeps him inspired to do his best.

From September 4 to 6, Marcos paid his first official state visits to Singapore and Indonesia.

visiting Indonesia

Marcos said that he and President Joko Widodo saw the signing of accords on defense, security, the creative economy, and culture during their visit to Indonesia.

After their respective foreign ministers signed the Philippines-Indonesia Plan of Action for 2022-2027, which outlines the priorities and practical next steps for bilateral cooperation, their governments also decided to conduct collaborative activities over the following five years.

As fellow members of the Association of Southeast Asian Nations (Asean) and representatives of two of the biggest maritime nations in the world, both governments reaffirmed their dedication to enhancing bilateral cooperation.

Marcos and Widodo talked about defining the borders between the continental shelves of the Philippines and Indonesia, which he thought would serve as a model for settling competing claims.

The two presidents also discussed expanding coal imports for the Philippines’ energy supply and imported fertilizers.

Marcos also expressed delight in the 75th anniversary of the two nations established diplomatic friendship in 2024.

Singapore journey

Marcos and Prime Minister Lee Hsien Loong witnessed the exchange and signing of agreements on investment, water resource management, personal data protection, and counterterrorism while they were in Singapore.

In order to market the Philippines as an investment destination, Marcos also met with representatives from the various business communities to outline this administration’s policies and economic priorities.

He claimed that during her state visit to the Philippines in 2019 to mark 50 years of diplomatic relations, Singaporean President Halimah Yacob was quite complimentary.

Marcos claimed that he and Lee “established a connection” because their fathers, who had previously served as the leaders of their respective nations, had laid the foundation for Asean beginning in 1967.

According to Marcos, his visits to Singapore and Indonesia allowed him to discuss significant national and international issues that impact the security of our region with the leaders.

“We understood our responsibilities as Asean partners and neighbors. We all agreed that, in this period of geopolitical unrest and ambiguity, our efforts to safeguard peace, stability, and an environment supportive of our continued national growth should always be guided by the principles of sovereign equality, mutual respect, and unity, he said.

Marcos and his economic team contacted investors from Singapore and Indonesia, who urged them to invest in the nation.

The Philippines’ top trading and investment partners are Singapore and Indonesia.

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