MANILA, Philippines – Investment pledges worth $672.3 million (37.17 billion pounds) secured by President Ferdinand Marcos Jr. during his trip to the United States (USA) are a proof of trust of the international community, said Speaker of the House of Representatives Ferdinand Martin Romualdez.
In a statement, Romualdez said these commitments will go a long way in furthering the Philippines’ economic interests.
The President’s Office of Communications divided the $672.3 million into $400 million for the telecommunications sector; $250 million for semiconductors and electronics; $20 million for pharmaceuticals and health care; $2 million for artificial intelligence for weather forecasting; and $300,000 for renewable energy.
“The excellent leadership and diplomatic prowess of President Marcos Jr. have been evident in significant investment commitments made and enabling mutually beneficial collaborations with various sectors in the United States,” Romualdez said on Tuesday
“The pledged amount of $672.3 million is a testament to the international community’s confidence in the president’s leadership. This achievement underscores his commitment to advancing the Philippines’ economic interests and fostering partnerships in the international arena,” he added.
Romualdez said one of the reasons Marcos was able to secure these commitments was because talks on the sidelines of the Asia-Pacific Economic Cooperation (APEC) in San Francisco came to fruition.
He also assured that if the implementation of these investments begins, the Chamber will cooperate with the executive authority in order to efficiently implement the obligations.
“There is no doubt that these investment pledges and the materialization of the partnerships arising from the exploratory talks on the sidelines of the APEC Summit will have a positive impact on job creation, infrastructure development and the country’s overall economic growth,” Romualdez said.
“The House of Representatives is committed to working with the executive branch to ensure the smooth implementation of these investment commitments and partnerships. We support all legislative measures necessary to create an environment conducive to the success of these projects,” he added.
Marcos was in the US for a week-long trip, where he held talks with several leaders, such as US Vice President Kamala Harris and other officials, to discuss security issues, particularly regarding the Western Philippine Sea.