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Manila Bulletin devider Philippines devider National devider PH secures massive $22-billion investment pledges from China

PH secures massive $22-billion investment pledges from China

Published Jan 5, 2023 06:09 pm

The Philippines has gained a massive $22-billion investment pledges from the state visit of President Ferdinand "Bongbong" Marcos Jr. in China.

President Ferdinand 'Bongbong' Marcos Jr. and First Lady Liza Araneta-Marcos (Photo courtesy of Malacañang)

"The pledges amount to 22 billion dollars of pledges for investment," Marcos said, adding that some of these investments have already started construction and have opened their offices in the Philippines.

These investment commitments include USD 1.72 billion for agribusiness, USD 13.76 billion for renewable energy (RE), and USD 7.32 billion for strategic monitoring (electric vehicle, mineral processing).

Marcos concluded his three-day trip in Beijing, China on Thursday, Jan. 5, with several business meetings with various industries.

He said these pledges are promising to provide "many many jobs" as the investments he secured during his last day alone have business operations involving 10,000 to 30,000 personnel.

"Yung today lang siguro (The pledges today) at the very least kasi (because) it's operations 10,000 jobs, 30, 000 jobs ganun ang kanilang usapan kaya't mahirap mag-estimate (that's the figure they are talking about so it's hard to provide an estimate) but it is certainly going to produce many many jobs when the investments start their operations," Marcos said.

On Thursday, the President held roundtable meetings with potential investors from agribusiness, renewable energy industry, nickel processing and battery and electronic vehicle manufacturing firms.

He said these investors signified interest to invest in the Philippines as long as they are given the chance to do so.

Allowing these industries to enter the Philippines, the President said, would be good for the country as the green economy is "where the global economy is headed."

"There are other areas na medyo bago bago, kagaya ng processing ng minerals, battery production, electric vehicle production — ito bago lahat ito kaya siguro kailangan natin ipakita pa sa kanila, sa mga Chinese investors, na maganda mag-invest sa Pilipinas (There are other areas that are relatively new like the processing of minerals, battery production, electric vehicle production—these are all new so we need to show them, the Chinese investors, that it's good to invest in the Philippines)," Marcos said.

"It is very important to the Philippines na maipasok natin yung mga ganung klaseng industriya dahil (to let these industries enter the country because) that's the green economy. So we have to be part of it and that is where the global economy is headed. So kailangan makapagposisyon tayo (We need to take a position). I think we're heading in the right direction," Marcos added.

The chief executive said we just had to "watch and wait" for these investments to be translated into jobs and contribute to the local economy.

"That will be starting very soon so let's watch and wait because some of the estimates are a little optimistic so I don't want to put out new job problem, job numbers. So that's what we are doing for now to make sure that these investments not only provide jobs for the local economy but there is also a chance for technology," he said.

The President arrived in the country on Thursday afternoon.

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