Metro Manila (CNN Philippines, September 26) — A lawmaker on Tuesday questioned the intention of President Ferdinand Marcos Jr.’s frequent trips abroad, saying the Philippines even saw a drop in foreign direct investments (FDIs) in the first half of 2023, which contradicts the chief executive’s target of enticing more investors.
\”Mas malaki pa ang rate ng pagpasok ng investment sa bansa noong [public health] emergency pa ang pandemic kumpara ngayon na biyahe ng biyahe ang pangulo,\” Kabataan party-list Rep. Raoul Manuel said during the House plenary debates for the 2024 national budget.
[Translation: The rate of investment entering the country was even greater when the pandemic was a public health emergency compared to now when the president is traveling.]
According to Manuel, the country had only $4 billion FDIs for the first half of 2023. While in the same period in 2022 and 2021, the country garnered $4.91 and $5 billion, respectively.
Manuel revealed the figures after ACT-CIS Party-list Rep. Erwin Tulfo, sponsor of the budget of the Office of the President (OP), presented the total FDIs for 2023, which amounts to $71.78 billion.
\”This implies na hindi pag attract ng FDIs ang pangunahing dahilan kung bakit biyahe ng biyahe ang Malacañang,\” Manuel said.
[Translation: This implies that Marcos’ foreign trips are not mainly for attracting FDIs.]
Upon inquiry by Manuel, Tulfo said the actual appropriation for the president’s foreign travel was ₱314.37 million, but ₱398.3 million were spent in 2022.
The ₱84 million excess expenses were sourced from the continuing funds of the president’s office, he added.
For 2024, The OP is asking for ₱1.15 billion for its travel expenses.
Manuel also scrutinized Marcos’ attendance at the Singapore Grand Prix 2023 – F1 Race. However, Tulfo clarified that Marcos’ was just invited to the event and it was not part of his official trip.
READ: Bayan slams Marcos’ ‘insensitive’ Singapore trip for F1 race
