PBBM calls for deeper economic ties with Saudi Arabia

RIYADH, Saudi Arabia – President Ferdinand Marcos Jr. on Thursday called for deeper economic relations between the Philippines and Saudi Arabia as he told the business leaders that the Asian country is open for business.

During a roundtable meeting with Saudi business leaders here, Marcos thanked the Saudi Ministry of Investment and the Department of Trade and Industry for co-organizing the meeting.

He also acknowledged the valuable contributions of the companies who are taking part in strengthening cooperation between the two countries.

"I am pleased to note the immense support that the Ministry, led by His Excellency Minister Khalid Al-Falih, has provided us in making this event possible," Marcos said.

He also noted that the Kingdom of Saudi Arabia is home to the largest population of overseas Filipinos in the world, as close to at around 1 million OFWs, as well as the largest community of Filipino professionals in industries, such as engineering, architecture, and healthcare.

Marcos Jr. said that the agreements that will be signed during the meeting are set to benefit more than 15,000 Filipinos in training and employment opportunities across a wide range of professions in the construction industry.

"To our current and future business partners, I hope that this meeting has served as an excellent platform for building greater and closer partnerships between the Philippines and the Kingdom of Saudi Arabia," he said.

Marcos also highlighted the Philippines' economic achievements in the past year, including a gross domestic product growth rate of 7.6 percent, the fastest rate of growth recorded by the country since 1976.

"Foreign Direct Investments (FDI) posted $9.2 billion in net inflows last year," he said, adding that the country's financial and banking sectors are healthy and robust.

Marcos Jr. assured the Saudi business leaders that the Philippine government is steadfast in its commitment to support current and prospective Saudi investors continuously.

"The Philippines has initiated important legislative amendments to existing laws to further open the economy to foreign investments," he said.

He also urged the Saudi business leaders to engage with his Economic Team to learn more about the fiscal incentives made available through the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

Marcos Jr. also introduced the Maharlika Investment Fund, the Philippines' first-ever sovereign investment fund designed to drive long-term economic development through increased investments in high-impact sectors.

"We look forward to benefiting not just from Saudi investments but also from the Kingdom's extensive experience in managing such funds," he said.

Marcos Jr. also expressed his hope that the Philippines will be the chosen gateway to the ASEAN and Regional Comprehensive Economic Partnership (RCEP) economies.

"So, as we take part in the ASEAN-GCC Summit, currently being hosted by the Kingdom, we continue to reaffirm our readiness for deeper economic partnerships not just within the Southeast Asian region but as well as with our extended neighbors here in the Gulf," he said.

"I look forward to seeing that this meeting — we will further engage our two countries and will develop and explore opportunities that as yet we have not discussed between our two countries," Marcos Jr. added.

"We hope to see all of you visit the Philippines to see what the opportunities are and for us as well for our part in the Philippines to bring our teams to the Kingdom and further, we already have a very strong and very long-standing people-to-people relationship which can serve as a very good foundation for any future endeavors between our two countries," he added.

He also expressed his hope that the Saudi business leaders present at the meeting will further "make it happen in the Philippines."

Marcos Jr. also said that the two countries should not limit themselves to the labor market but should also explore new businesses that have come up since the end of the pandemic economy.

"The central tenet of our plans for development in the Philippines is very much to regard our private sectors as partners in this development program," he said. "We recognize that government is good at many things, but there are other things that the private sector does better."

Marcos Jr. concluded by saying that he looks forward to further growth, further strengthening of the two countries' relationships, and a better future for both their countries.