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Manila Bulletin devider Philippines devider National devider Marcos receives P4 trillion in investment pledges from foreign trips

Marcos receives P4 trillion in investment pledges from foreign trips

Published Dec 26, 2023 06:35 am

President Marcos' foreign trips have elicited a whopping P4.019 trillion or $72.178 billion in investment pledges for the country, Malacañang said Tuesday, Dec. 26.

Citing data consolidated by the Department of Trade and Industry (DTI), the Presidential Communications Office (PCO) said the investment pledges were comprised of 148 projects that will be mostly in manufacturing, IT-BPM (Information Technology and Business Process Management), renewable energy, data centers and telecommunications sectors.

  • DTI described the various types of investments as the following:
    business, investment promotion agency (IPA) registered with operations ($205.53M or P11.4B)
  • business/IPA registered ($983.21M or P54.75B)
  • IPA registration in progress operations ($5.079B or P282.8B)
  • signed agreement with clear financial project value ($9.771B or P544.152B)
  • signed memorandum of understanding/letter of intent (MOU/LOI) ($28.529B or P1.588T); and
  • confirmed investment not covered by MOUs/LOIs and still in the planning stage ($27.345B or P1.522T)."

DTI said it was also monitoring 20 more projects, which were already given a greenlight and registered with the IPAs of the DTI, Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA).

Meanwhile, business engagements during Marcos' visit to Japan for the Association of Southeast Asian Nations (ASEAN)-Japan Commemorative Summit were also being monitored. They contributed $263.08 million or P14 billion to the total value, and nine investments to the total number of projects.

The DTI reported that there were three signed agreements with clear financial project value worth $85.07 million, and six MOU/LOI valued at $178.01 million.

In DTI's December 14 update, it said the presidential visit to the United States for the Asia-Pacific Economic Cooperation (APEC) Leaders' Meeting in San Francisco was added in its monitoring, adding $672.3 million (or 37.2 billion) to the total value and six to the total project.

These include the following:

  • $400 million (P2.2 billion) investment in telecommunications
  • $2 million (P110 million) in artificial intelligence (AI)
  • $250 million (P13 billion) in manufacturing
  • $20 million (P1.1 billion) in health sciences/pharma manufacturing/health services
  • $300,000 (P16 million) in energy; and
  • an undisclosed amount for another investment in health sciences/pharma manufacturing/health services.

"Those projects are composed of signed agreements with clear financial value and MOU/LOI," PCO added.

Related Tags

investment pledges FOREIGN TRIPS President Marcos
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