President Marcos has secured at least $4.2 billion in investment deals and investment pledges from Arab businesses during his trip to the Kingdom of Saudi Arabia (KSA) for the first Association of Southeast Asian Nations (ASEAN)-Gulf Coordination Council (GCC) Summit in Riyadh, the Presidential Communications Office (PCO) said.

In a statement, the PCO said the Philippine business delegation bagged $120 million worth of capacity training facility that will be constructed in the Philippines while some Arab business leaders committed $4.14 billion to the country.

During a roundtable meeting with business leaders on Thursday, Oct. 19, President Marcos said over 15,000 Filipinos would benefit from the $120-million construction agreement between Saudi's Al Rushaid Petroleum Investment Company and Samsung Engineering NEC Co. Ltd. and Philippines' EEI Corp., as it would open employment opportunities for them.

Citing the Department of Trade and Industry (DTI), the PCO said Al-Jeer Human Resources Company-ARCO committed with the Association of Philippine Licensed Agencies for the Kingdom of Saudi Arabia an investment for a human resource services agreement worth $3.7 billion.

Saudi's Maharah Human Resources Company also expressed willingness to ink an investment agreement worth $191 million each to the Philippines' Staffhouse International Resources Corporation and the E-GMP International Corporation, also for human resource services.

According to the DTI, over 200,000 Filipinos will gain employment in the services sector commitments.

'You are welcome in PH'

President Marcos cited the valuable contributions of the companies that took part in strengthening the bilateral ties between the Philippines and Saudi Arabia, which served as home to over 1 million Filipino migrant workers.

As part of his visit to Saudi Arabia, Marcos met with Arab businessmen through the roundtable meeting organized by the DTI and the Saudi Ministry of Investment led by Minister Khalid Al-Falih.

President Marcos said the meeting was timely as the Philippine economy continues its high growth trajectory, with gross domestic product at 7.6 percent in 2022. He also emphasized that the Philippines has posted $9.2 billion in net inflows of foreign direct investments in 2022.

"Our financial and banking sectors are healthy and robust. Our credit rating continues to receive stable and positive investment grades," he told the business community.

With this, Marcos assured the business community that the Philippines is committed to supporting current and prospective Saudi investors, emphasizing that the Philippine government has amended existing laws to open its economy to foreign investments further.

"We also stand ready to welcome you to our tropical country so you may personally see what a globally competitive Philippines can offer," he said.

Meanwhile, President Marcos highlighted the Maharlika Investment Fund, the country's first sovereign investment fund designed to drive long-term economic development through increased investments in high-impact sectors.

Marcos said that he was looking forward not only to benefiting from Saudi investments but also from the Kingdom's extensive experience in managing similar funds.

PH-KSA ties

President Marcos also reaffirmed the country's readiness for deeper economic partnerships in Southeast Asian regions and its neighbors in the Gulf.

"We hope that the Philippines will be your chosen gateway to the ASEAN and Regional Comprehensive Economic Partnership, or RCEP, economies. I hope that the Saudi business leaders present here today will further make it happen in the Philippines," the President said.

Marcos also hoped the meeting would improve the partnership between the Philippines and Saudi Arabia.

For his part, Saudi Ministry of Investment Minister Khalid Al-Falih said they were looking forward to partnering with the Philippines and boosting the partnership in finance, energy and petrochemicals, industry and logistics, tourism, real estate development, labor, and agriculture.

"We view the Philippines as not only a critical large company that has grown... We also see the Philippines as a bridge to the ASEAN region and to the rest of Asia," the minister said.

"I trust that you consider Saudi Arabia as well, your Excellency, your strategic entry point to the Middle East," he added.