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Manila Bulletin devider Philippines devider National devider Marcos US trip nets $3.9-billion in investment pledges

Marcos US trip nets $3.9-billion in investment pledges

Published Sep 29, 2022 01:52 pm

Almost $4 billion in investments from multiple sectors could be generated from President Ferdinand "Bongbong" Marcos Jr.'s working visit to New York City last week, Malacañang revealed.

President Ferdinand 'Bongbong' Marcos Jr. talks to the media as he concludes his six-day working visit to New York on September 23, 2022 (New York time). (Argyll Geducos)

Investment data from the Palace showed that business agreements and commitments secured during the President's visit have an estimated investment value of $3.9 billion, with a potential employment generation of 112,285 jobs.

These investments will be made in different sectors such as Information Technology and Business Process Management (IT-BPM), data centers, and manufacturing.

Malacañang, however, said that the estimates do not reflect the full potential of future investments from several companies that the President and the Department of Trade and Industry (DTI) met in New York.

It said some companies had expressed interest in considering new or further investments in the country, but their plans have yet to be firmed up.

At the grand opening of the New Terminal Building of the Clark International Airport in Clark Freeport in Pampanga on September 28, Marcos reiterated that the Philippines is open for business, and the government is ready to go the extra mile to nurture strong partnerships with potential investors.

"And this facility is essentially a very strong signal that yes, indeed, we are open for business," he said during the event.

The Philippines, he said, is a good investment destination being probably the most vibrant economy in Southeast Asia.

He said his administration understands potential investors' requirements and needs and will do everything to build strong partnerships.

Marcos likewise pointed out that Wednesday's opening was a perfect example of a positive outcome of public and private sector collaboration as both sectors leverage their assets through solid partnership.

He added that the newly opened facility is also essential as the country strives to become Asia's logistics center.

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