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SOURCE: Press and Public Affairs Bureau

PBBM STATE VISITS VERY FRUITFUL, PH BACKS ON THE MAP FOR iNVESTMENT WITH $15B PLEDGES PRODUCED IN SINGAPORE, INDONESIA
08 September 2022 02:27:14 PM


Speaker Romualdez: PBBM state visits very fruitful, PH back on the map
for investments with $15B pledges produced in Singapore, Indonesia

SPEAKER Martin G. Romualdez on Thursday described as “highly successful” and “very productive” the recent state visits of President
Ferdinand "Bongbong" Marcos, ntJr. to Indonesia and Singapore, which he
said, produced more than $15 billion worth of investment pledges for
the Philippines.

“I congratulate the President and all Cabinet Members who joined his
official delegation for a job well done. The four-day trip turned out
to be highly successful and very productive not only in strengthening
our bilateral ties with our neighbor-countries but also in attracting
much-needed investments for our people,” Romualdez said.

In Singapore alone, local business leaders who met with the President
and his delegation pledged to invest a total of USD 6.54 billion worth
of foreign direct investments in the Philippines.

The investments from Singapore, which are equivalent to PHP 374.57
billion, are expected to generate jobs for an estimated 15,000
Filipino workers.

Singaporean business leaders who signed Letters of Intent to invest in
the Philippines during the Singapore Business Round Table Meeting last
September 7 expressed interest in the following areas:

* Renewable Energy (floating solar) - USD 1.2 billion
* Blue Economy (Marine renewable energy, water production,
desalination, electric boats, aquaculture) - USD 10 to 100 million
* Innovation Platform for Startups - USD 20 million
* Women in Tech - USD 20 million
* Data Center - USD 200 million
* Transportation (electronic tricycles) - USD 5 billion

“These investments mean thousands of new jobs for Filipinos here.
Singapore officials also assured the Filipino delegation that their
country is ready to roll out close to 10,000 new job orders for
Filipino workers in Singapore,” Romualdez said.

In Indonesia, President Marcos concluded his visit last September 6
with $8.48 billion worth of investment pledges and coal and fertilizer
supply commitments from local business leaders.

The MOUs and letters of intent signed at the Jakarta Business
Roundtable Meeting on September 5, 2022, include the following:

*USD 822 million in investments in textiles, garments, renewable
energy, satellite gateway, wire global technology, and agri-food
* USD 7 billion in infrastructure for unsolicited private-public
partnerships such as a C-5 4-level elevated expressway
* USD 662 million in trade value for a supply of coal and fertilizer.

The investments from Indonesia are expected to generate at least 7,000
new jobs in the Philippines.

“Overall, it’s been a highly successful, very fruitful trip. Aside
from the investment pledges, there have been several mutually
beneficial agreements on bilateral economic, defense, cultural, and
labor and employment cooperation with the host countries,” Romualdez
said.

“Thanks to the President, the Philippines is back on the map for
investments and may soon fulfill its goal as Asia’s fastest rising
star,” he added.(END)

 
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