Marcos’ foreign travels raised $23.6Bn in investment pledges
MANILA, PHILIPPINES — President Ferdinand Marcos Jr. brought home $23.6 billion in investment pledges from his foreign visits to various countries, according to the Department of Trade and Industry (DTI).
In its year-end report, the DTI revealed that Marcos’ working visits to Indonesia, Singapore, the United States (U.S.), Cambodia, and Thailand in his first six-months in office attracted more foreign businesses to come to the Philippines.
The trade department also added that the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) had a combined approved investment of P402 billion (US$7.24 billion), which could generate some 54,217 local jobs.
The country also posted $58.3 billion exports in goods, up 4.7% year-on-year, assisting 3,922 exporters.
The department indicated that the country’s investment and exports are expected to rebound next year as a result of the passage of the Public Service Act (PSA) and CREATE Act.
The DTI also included in its accomplishment report the approval of the 2022 Strategic Investment Priority Plan (SIPP) and guideline issuance last August through Memorandum Circular No. 2022-07.
The plan was approved on May 24, 2022, through Memorandum Order No. 61.
Office of the Press Secretary (OPS) OIC Cheloy Garafil said the DTI report does not cover Marcos’ recent trip to Belgium which reportedly acquired P9.8 billion (US$176 million) worth of investment pledges from European business executives.
