At least 15,000 jobs for Filipinos are expected to be generated from the billion-peso worth of investments secured by President Ferdinand "Bongbong" Marcos Jr. during his state visit in Singapore.
Malacañang disclosed that the President was able to convince Singapore-based businessmen to invest a total of US$6.54 billion worth of foreign direct investments in the Philippines.
This is equivalent to P374.57 billion which is expected to generate jobs to an estimated 15,000 Filipino workers.
This came after the President encouraged foreign businesses to put their investments in the country, which he described as “Asia’s fastest rising star.”
During his visit in Singapore, Marcos encouraged businesses and invited strategic investors from the international community to take part in the Philippines’ economic resurgence, which is grounded on a favorable investment policy environment, sound macro-economic fundamentals, and a strong and decisive economic team.
"Singaporean business leaders were upbeat on President Marcos’ first state visit to their country as they signed Letters of Intent to invest in the Philippines during the Singapore Business Round Table Meeting on Wednesday, Sept. 7," the Palace said in a statement on Thursday.
Singaporean investments
Topping the list of Singaporean investments to the Philippines is electronic tricycles valued at US$ 5 billion. This investment in the transportation sector is seen to lessen air pollution emitted by an estimated 3.5 million tricycles nationwide.
The next top Singaporean investment is in renewable energy, specifically the new technology of floating solar valued at US$1.2 billion.
Another investment is the setting up of an in-country Data Center valued at US$ 200 million. This is expected to employ Filipinos especially in the Information Technology and creative industry.
Singaporean businessmen also expressed interest in the so-called “Blue Economy” where they are expected to invest from US$10 million to US$100 million in areas such as marine renewable energy, water production, desalination, electric boats as well as aquaculture.
Investments on “Innovation Platform for Start-ups” was pledged at US$20 million while another US$20 million will be invested on “Women in Technology.”
More jobs for OFWs
In addition, the Singapore government has also approved the hiring of more Filipino workers in the city-state where 200,000 Filipino migrant workers are currently employed.
Department of Migrant Workers (DMW) Secretary Susan V. Ople met with Manpower Minister Tan See Leng, who assured his counterpart with close to 10,000 new job orders for Filipino workers.
Ople said that the goodwill arising from the President's state visit and the lifting of the 27-year-old guarantee bond will lead to more and better job prospects for Filipinos who wish to work in Singapore.
"Even prior to the President's visit, our Philippine Overseas Labor Office (POLO) in Singapore had already approved close to 10,000 job orders with 5,000 jobs awaiting aircraft technicians in the aviation industry," Ople said.
She explained that approved job orders refer to immediate manpower requirements given by Singaporean employers to the POLO that are expected to be filled up in the next few months.
The breakdown of approved job orders submitted by Singaporean employers are as follows: Aviation industry - 5,000 aircraft technicians; Medical industry - 3,000 healthcare workers; Engineering industry - 1,000 skilled workers; Education industry - 500 workers; I.T. sector - 300 workers.
Ople anticipates a surge in demand for OFWs in Singapore with the success of Marcos' visit and the reforms being undertaken by the DMW in promoting ease of doing business strategies such as digitalization of various recruitment processes.