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Manila Bulletin devider Philippines devider National devider Romualdez: P4.26-B investments from Saudi is just the beginning

Romualdez: P4.26-B investments from Saudi is just the beginning

Published Oct 21, 2023 06:20 am

At A Glance

  • House Speaker Martin Romualdez said the $4.26 billion worth of deals secured by President Marcos from his trip to the Kingdom of Saudi Arabia (KSA) could just be tip of the iceberg in terms of forthcoming investments from the oil-rich nation. 

IMG-c02a91776defd5eb926d62db8e009cb7-V.jpgHouse Speaker Martin Romualdez (Speaker’s office)

 

 

 

 



The whopping $4.26 billion worth of deals secured by President Marcos from his trip to the Kingdom of Saudi Arabia (KSA) could just be tip of the iceberg in terms of forthcoming investments from the oil-rich nation. 

Thus, reckoned House Speaker Martin Romualdez, who accompanied the chief executive in his high-stakes trip to the Middle East. 

“Our distinguished friends from Saudi Arabia expressed a strong interest in exploring various investment opportunities in our country. Their willingness to consider the Philippines as a destination for their investments speaks volumes about the potential and attractiveness of our nation as an investment hub,” Romualdez said. 

“I believe that the strategic partnership that is emerging from this meeting will open doors to new ventures, create job opportunities for our people, and further enhance our economic growth,” added the leader of the 300-plus strong House of Representatives. 

He noted that no less than Saudi Arabia’s Minister of Investments Khalid A. Al-Falih told President Marcos during the meeting that leading businesses in the Kingdom are interested in various investment opportunities in the Philippines. 

Among others, Al-Falih said KSA business leaders want to learn more about the newly launched Maharlika Investment Fund (MIF), as well as potential investments in the fields of energy and chemicals, industry and logistics, tourism, real estate, labor, agriculture. 

The MIF is the Philippines' first ever sovereign wealth fund. 

Al-Falih also said there were many opportunities to deepen the partnership between Saudi Arabia and the Philippines, noting the KSA is planning to invest more than US $133 billion by the end of this decade in aviation, railways, ports, maritime services, and logistics hub, among others. 

Citing the “considerable strength and much-unused potential” of the Philippines in agriculture, Al-Falih said Saudi champions in the sector would “love to invest in the Philippines to improve the yield your agriculture sector, food processing and manufacturing logistics and the import potential of that sector". 

Romualdez--arguably Marcos' top ally in the legislature--noted that the Marcos administration is committed to creating a business-friendly environment, streamlining regulatory processes, and ensuring the protection of investors' rights. 

“As Speaker of the House of Representatives, I am confident that our legislative body will work closely with the Executive branch to implement policies and enact laws that will support and facilitate these investments,” said the Speaker.
 

Related Tags

Ferdinand “Bongbong” Marcos Maharlika Investment fund Martin Romualdez Saudi Arabia
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