Metro Manila (CNN Philippines, July 12) — The Department of Trade and Industry (DTI) said around $88 million worth of investment pledges from President Ferdinand Marcos Jr.’s foreign trips are seen to materialize this year.
“The number that we expect to materialize in 2023 will total around $88 million, maliit pa ‘no,” Trade Secretary Alfredo Pascual said in a briefing on Wednesday.
“Iyon lang iyong up to June this year, and we expect some more to ripen and eventually live to the inflow of investments,” he also said.
[Translation: The number that we expect to materialize in 2023 will total around $88 million still quite small. That is just for up to June this year, and we expect some more to ripen and eventually live to the inflow of investments.]It’s not so large as yet, but the potential is as we announced before, we have a pipeline that we were able to build up amounting to around $70 billion,” Pascual added.The DTI chief said these were six projects registered with the Board of Investments and other investment promotion agencies, adding these have the potential of providing thousands of direct jobs to Filipinos.At the near end of the pipeline for instance, we developed the pipeline, but at the near end of our current pipelines, six companies we met during the past presidential visits are already starting their investment projects in the country,” Pascual said.They will contribute to our manufacturing, renewable energy and IT-BPM industries,” he added. “Collectively, they are expected to generate approximately 17,800 direct employment.The names of the companies cannot be disclosed yet, Pascual said. He also gave his assurance the agency has a mechanism to monitor and evaluate these investments.Pascual, however, noted that “not all leads may materialize,” and that efforts must be sustained to generate investment leads.
Back in February, Malacañang said Marcos’ overseas trips have generated P3.45 trillion in investment pledges.
Total foreign investments committed during the President’s official travels include in Indonesia, $8.48 billion; Singapore, $6.54 billion; United States, $3.847 billion; Thailand, $4.62 billion; Belgium, $2.20 billion; China, $24.239 billion; and Japan, $13 billion,” the PCO said in a statement.
The president previously said he sees overseas trips as return of investment.
