PHP 22 Billion of President Marcos Jr.’s Foreign Investment Pledges Now Operational

Manila – The Philippines has seen some PHP 22 billion worth of projects, secured during President Ferdinand R. Marcos Jr.’s foreign visits this year, become operational, according to the Department of Trade and Industry (DTI).

According to Philippines News Agency, DTI Undersecretary Ceferino Rodolfo confirmed on Friday that these projects are part of the PHP 4.019 trillion in investment pledges acquired by President Marcos Jr. during his official business trips. “PHP 22 billion are already operating as we speak now, which means these facilities that were promised (by investors) to our President are already running,” Rodolfo said during the Bagong Pilipinas briefing.

In 2023, President Marcos Jr. visited nine countries, including China, Switzerland, Japan, the United States, the United Kingdom, Indonesia, Malaysia, Singapore, and Saudi Arabia, making repeat visits to Japan, the U.S., and Indonesia. Rodolfo described the 148 projects with commitments from foreign investors as transformative for the Philippine economy, focusing on industries like renewable energy and digitalization.

Many of these investments are expected to enter the country in 2024, with potential registration with DTI-attached investment promotion agencies like the Board of Investments and the Philippine Economic Zone Authority. The government previously reported that these investment commitments are expected to generate 150,000 to 200,000 jobs, with the potential for job creation to increase to 500,000 in the next three to four years.

Rodolfo emphasized the need for the government to continue improving the ease of doing business in the Philippines to attract more foreign investors and sustain the momentum of investment growth.