Metro Manila (CNN Philippines, October 20) — Investment commitments President Ferdinand Marcos Jr. secured from Saudi Arabia business leaders have reached more than $4.26 billion, the Palace said Friday.
Marcos said that thousands of Filipinos are expected to benefit from the business deals they got on the sidelines of the Association of Southeast Asian Nations-Gulf Cooperation Council (ASEAN-GCC) Summit in Saudi Arabia.
Some of the deals signed during the visit covered construction services export and human resource services.
“The agreements that will be signed today are set to benefit more than 15,000 Filipinos in training and employment opportunities across a wide range of professions in the construction industry,” Marcos said in a roundtable meeting with the Saudi Ministry of Investment.
“I hope that this meeting has served as an excellent platform for building greater and closer partnerships between the Philippines and the Kingdom of Saudi Arabia,” the president added.
Marcos said Saudi Arabia is “home” to about a million overseas Filipino workers (OFWs), as well as the largest community of Filipino professionals in industries like engineering, architecture, and healthcare.
“I also wish to acknowledge the valuable contributions of the companies who are taking part in strengthening this cooperation,” he added.
The president also said the Philippine economy continues its “high growth trajectory,” noting that the country’s gross domestic product recorded last year (7.6%) was the fastest since 1976.
Data from the Philippine Statistics Authority in May showed the Philippine economy expanded by 6.4% in the first three months of 2023 – the slowest since it exited a pandemic-induced recession in 2021.
Marcos flew to Saudi Arabia on Thursday to attend the Association of Southeast Asian Nations and Gulf Cooperation Council summit. He is expected to advance the country’s interests in economy, agriculture, and welfare of OFWs.
