President Ferdinand Marcos Jr. clinched the Philippines $8.48 billion in investment pledges (P474.04 billion in today’s exchange rate) from Indonesia. This is the estimate based on the memorandums of understanding (MOUs) and letters of intent agreed upon at the Jakarta Business Roundtable Meeting on Monday (September 5).
Out of the $8.48 billion investment, $7 billion will go to private-public partnership-funded infrastructure, $622 million will go to coal and fertilizer supplies, while $822 million will be invested in a variety of industries, such as textiles, garments, renewable energy, among others.
“I would describe the trip as more productive than we had expected,” Marcos said. “The things that we planned to talk about with [Joko Widodo]… and the subjects that we expected to be raised... We even went beyond the planned [agenda].”
Marcos added, “President Widodo’s ministers were very enthusiastic about the prospects in the Philippines and they see many opportunities. So we will pursue that.”
Businessmen from Indonesia were not able to go to the Philippines because of the pandemic, but Marcos urged them, and told the investors to “come to the Philippines.”
“Many of them are already actually involved in the Philippines. So sabi nila palalakihin nila ‘yung kanilang involvement. Gusto nila mag-expand (They said they will increase their involvement. They want to expand),” Marcos said.
The government anticipates that Indonesia’s investment pledges will create 7,000 new jobs.
Last month, the Department of Tourism (DOT) and Thailand’s Ministry of Tourism and Sports (MOTS) convened in the 11th Asia-Pacific Economic Cooperation Tourism Ministerial Meeting in Bangkok to talk about job opportunities for Filipinos abroad.
Mark Ernest Famatigan is a news writer who focuses on Philippine politics. He is an advocate for press freedom and regularly follows developments in the Philippine economy. The views expressed are his own.
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