Marcos brought home $3.9 billion in potential investments from US trip: Malacañang

Philippines President Ferdinand Romualdez Marcos, Jr. takes part in a bilateral meeting with U.S. President Joe Biden in New York, New York, U.S., September 22, 2022. (Photo: REUTERS/Leah Millis)
Philippines President Ferdinand Romualdez Marcos, Jr. takes part in a bilateral meeting with U.S. President Joe Biden in New York, New York, U.S., September 22, 2022. (Photo: REUTERS/Leah Millis)

Citing investment data released on Wednesday (September 28), Malacañang Palace said that the investment pledges President Ferdinand Marcos Jr. secured during his trip to the United States could generate close to $4 billion and potentially create 112,285 jobs.

Marcos brought home potential investments from sectors such as Information Technology and Business Process Management (IT-BPM), data centers, and manufacturing.

This figure is lower than the investment pledges he secured in his earlier state visits to Asian countries such as Indonesia, where he was able to get $8.5 billion worth of commitments, and in Singapore, where he got $6.5 billion of investment pledges.

However, Malacañang said that the estimated figure does not "reflect the full potential of future investments" as these companies' plans have yet to be firmed up.

Marcos’ working visit to the US was his third overseas trip since assuming office in June.

In a statement released on Monday, the Private Sector Advisory Council (PSAC) also lauded Marcos’s US trip as a "resounding success."

"He represented our country with pride, diplomacy, professionalism, and an honest intention to strengthen our partnership with the US and secure their commitment to transforming the lives of all Filipinos by directly investing in our economy,” said Sabin Aboitiz, PSAC’s head.

Separately, Marcos reiterated in a speech at the grand opening of the New Terminal Building of the Clark International Airport in Pampanga that the Philippines is open for business, and the government is prepared to go the extra mile in order to foster strong partnerships with investors.

Marvin Joseph Ang is a news and creative writer who follows developments on politics, democracy, and popular culture. He advocates for a free press and national democracy. Follow him on Twitter at @marvs30ang for latest news and updates. The views expressed are his own.

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