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Manila Bulletin devider Philippines devider National devider P3-B investment deal between PH, Malaysian firms fast-tracked during Marcos state visit

P3-B investment deal between PH, Malaysian firms fast-tracked during Marcos state visit

Published Jul 28, 2023 10:08 am
The finalization of a P3-billion investment deal between two private companies in the Philippines and Malaysia was hastened with the state visit of President Ferdinand "Bongbong" Marcos Jr. to the foreign country. President Ferdinand 'Bongbong' Marcos Jr. (Photo courtesy of Malacañang)
Marcos said that the contract between Manuel V. Pangilinan’s  Metro Pacific Investment Corp. (MPIC) and Malaysia’s Hartasuma Sdn. Bhd. will be on top of the $285 million in investment pledges secured by the country from Malaysian business leaders. The President also said the rail project to be undertaken by the Philippines’ MPIC and Malaysia’s Hartasuma Sdn. Bhd. only showed the commitment of the two countries to continue improving physical connectivity such as roads, rails, and other forms of transportation. “So, this is another part of that effort,” the President said, referring to the common goal of the Association of Southeast Asian Nations (ASEAN), particularly the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA.) According to House Speaker Martin Romualdez, who was part of the Philippine delegation during the three-day visit to Malaysia, the contract went smoothly due to the presence of Marcos. “Literally, because of the visit, the President’s presence in KL [Kuala Lumpur] hastened the progress of this agreement and.…3 billion will be pledged for investments into the Philippines,” Romualdez said. Under the collaboration agreement, “the parties have expressed their desire to engage in railway engineering and maintenance, and other rail-oriented projects in the Philippines in line with the government’s aspiration to modernize the Philippines’ railway network.” The agreement seeks to provide a framework for the cooperation between MPIC and Hartasuma, with both parties working together to identify potential joint development and joint venture collaboration. MPIC is a publicly-listed investment management holding company with investments in various infrastructure and other projects in the Philippines and Southeast Asia, including power, toll roads, water, healthcare, agriculture, real estate and rail. Hartasuma, on the other hand, is a pioneer in the Malaysian rail industry, providing a range of services, including engineering, assembly, refurbishment and rehabilitation of rolling stock and other urban transport solutions, including cable systems.

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Bongbong Marcos PBBM in Malaysia Metro Pacific Investment Corp. (MPIC) Hartasuma Sdn. Bhd. President Marcos
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