PBBM brings home $120-million investment contract from Saudi Arabia trip

President Ferdinand Marcos Jr. on Saturday said he secured a $120-million investment contract for the Philippines amid a short trip to the Kingdom of Saudi Arabia.

In his arrival speech at Villamor Airbase in Pasay, Marcos said Saudi Arabia expects to invest in the Philippines, making their partnership a "two-way street."

"It's time that they bring investment to the Philippines to support their food supply situation, and to support the industries that they are going to expand," Marcos said.

Still, the Philippines relies on its labor export background. The country signed multiple Saudi investment deals. Marcos claimed $4.26 billion in deals will help 15,000 Filipinos "in training and employment opportunities across a wide range of professions in the construction industry."

A $120 million investment in the Philippines will train at least 2,000 Filipinos in construction crafts. To work on Saudi projects, Filipino skilled laborers are to be sent.

Marcos' backing for these ventures reflects the Philippines' long-standing labor export program, which has produced billions in remittances.

Marcos also told Filipinos that he would continue to promote the Philippines as a dynamic economic environment and deepen links with the Arab country on his overseas journey.

"Let me assure you that we will continue to advance our national interest as we further expand our partnerships abroad," he added.

Marcos also assured that his administration promoted the country's priority abroad. He emphasized collaboration in food and energy security, logistics and supply chains, digital transformation, and free trade.

President Marcos declared he wanted to protect and upskill 2 million hardworking Filipinos in the Middle East.

Marcos asked his fellow leaders from the two blocs to preserve a rules-based international order to ensure world harmony, especially with the Israeli-Hamas war.

"The summit also provided ASEAN and GCC leaders an opportunity to convey their views on the ongoing conflict in Israel and Gaza. I shared our hope for peace, that it should prevail, and for the welfare and safety of civilians to be upheld in accordance with international humanitarian law," he said during his arrival speech.

He urged Gulf governments to collaborate with ASEAN to promote "peace, security, and stability in both our regions, the South China Sea, and the Arabian Sea, grounded on the rules-based international order to ensure stability and prosperity of our countries and the rest of the world."