Marcos yields $14.36-B business deals from Indonesia, Singapore trips

MANILA – President Ferdinand “Bongbong” Marcos announced on Wednesday night that the Philippines has secured USD14.36 billion (PHP804.78 billion) in investments from his “fruitful” and “engaging” inaugural state visits to Indonesia and Singapore.

The announcement was made upon Marcos’ arrival at the Ninoy Aquino International Airport Terminal 2 in Pasay City.

“I am proud to announce that we have signed and sealed a total of 10 Letters of Intent and 12 MOUs [memoranda of agreement] in the sectors of: renewable energy, data centers, e-commerce, broadband technology, start-ups, government housing, and agriculture, and witnessed the signing of several Letters of Intent and MOUs from 22 Indonesian and Singaporean investors,” he said.

“These investments, if we put it all together, value USD14.36 billion or PHP804.78 billion. This will support our country’s economic recovery efforts and create more jobs for Filipinos here in our country,” he added.

The Philippines will yield USD8.48 billion (PHP466.6 billion) in business deals from Indonesia and USD5.88 billion (PHP335.8 billion) from Singapore.

Marcos thanked both the Indonesian and Singaporean governments for the opportunity to reaffirm their relationship and seek avenues of collaboration that will benefit their respective countries.

“Indeed, my back-to-back visits to Indonesia and Singapore I think have been thoroughly worthwhile,” he said.

He claimed that although these investment agreements were merely the “beginning” of foreign investors’ interest to invest in the Philippines, his administration will make every effort to see the agreements through to completion.

He added that the government would “not stop” until the average Filipino can feel these economic gains.

“We are all now going to bend ourselves to this work. We will not stop until we can come back and say, itong mga nasimulan na MOU, itong nasimulan na Letters of Intent, ay nagkaroon na ng resulta (these MOUs, these Letters of Intent, now have results),” he said.

Marcos, meanwhile, assured overseas Filipino workers in Indonesia, Singapore, and other parts of the world, that his administration would “take care” of them.

“Kahit na wala sila dito sa Pilipinas, sinisigurado ng ating pamahalaan na aalagaan pa rin natin sila (Even if they are no longer in the Philippines, our government will make sure that we will still take care of them). Our kababayans continue to be a source of pride as they demonstrate to the world that Filipinos excel at whatever endeavor they choose to undertake,” he said.

He also expressed his gratitude to them for their continued support and trust, which he said continues to motivate him to do his best as the country’s leader.

Marcos marked his inaugural state visits in Indonesia from Sept. 4 to 6 and Singapore from Sept. 6 to 7.

Indonesia visit

Marcos stated that during his trip to Indonesia, he and President Joko Widodo witnessed the signing of agreements on defense, security, creative economy, and culture.

Following the signing of the Philippines-Indonesia Plan of Action for 2022-2027 by their respective foreign ministers, their respective governments committed to pursue collaborative activities for the next five years. The plan outlines the priorities and tangible next steps for bilateral cooperation.

As fellow members of the Association of Southeast Asian Nations (Asean) and members of two of the largest maritime nations in the world, both governments reaffirmed their commitment to strengthening bilateral cooperation.

Marcos and Widodo addressed the delimitation of Philippine and Indonesian continental shelves, which he hoped would serve as a template for resolving conflicting claims.

The two leaders also discussed importing fertilizers into the Philippines and increasing coal imports for energy supply.

Marcos also expressed excitement in the celebration of 75 years of official diplomatic friendship between the two countries in 2024.

Singapore trip

During his visit in Singapore, Marcos and Lee Hsien Loong witnessed the signing and exchange of agreements on counterterrorism, personal data protection, digital cooperation, water resource management, and investment.

Marcos also convened with members of the various business communities to explain the administration’s policies and economic priorities in order to promote the Philippines as a destination for investment.

He stated that Singaporean President Halimah Yacob spoke highly of her state visit to the Philippines in 2019, in celebration of 50 years of diplomatic relations.

According to Marcos, he and Lee also have a connection because their fathers, who were previous leaders of their respective countries, laid the groundwork for the foundation of Asean starting in 1967.

Marcos said his trips to Indonesia and Singapore offered an opportunity to exchange views with the leaders on important regional and global issues that affect security in our region.

“We were cognizant of our roles as neighbors and partners in Asean. We all shared the view that in this time of geopolitical turmoil and uncertainty, unity, mutual respect, and the principle of sovereign equality should always prevail in our efforts to uphold peace and stability and an environment conducive to our continued national development,” he said.

Marcos and his economic team met with investors from Indonesia and Singapore and persuaded them to invest in the country.

The Philippines’ key trade and investment partners are Indonesia and Singapore.