‘State visit produced huge investments’

September 9, 2022

President Ferdinand “Bongbong” Marcos’ state visit to Southeast Asian neighboring countries has paved the way for the Philippines to receive nearly $15 billion in investment pledges, House Speaker Martin Romualdez said Thursday.

Romualdez, who also joined the four-day state visit, lauded the President’s recent state visit to Indonesia and Singapore as “highly successful” and “very productive.”

“I congratulate the President and all Cabinet Members who joined his official delegation for a job well done,” he said.

The Speaker further said the four-day trip turned out to be highly successful and very productive in strengthening the bilateral ties with the neighboring countries and attracting much-needed investments for the Filipino people.

According to Romualdez’s office, local business executives who met with Marcos and his delegation in Singapore committed to investing $6.54 billion, or P374.57 billion, in foreign direct investments in the country, which would also aid in creating jobs for an estimated 15,000 Filipino employees.

During the Singapore Business Round Table Meeting on Wednesday, Singaporean business leaders who signed Letters of Intent to invest in the country also expressed their support for renewable energy such as floating solar costing $1.2 billion; blue economy or marine renewable energy, water production, desalination, electric boats, aquaculture amounting $10 to 100 million; $20 million for innovation platform for startups; $20 million for women in tech; $200 million for the data center; and $5 billion for transportation or electronic tricycles.

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