Lawmakers see tangible benefits of Marcos’ foreign trips

MANILA – Lawmakers at the House of Representatives asserted on Wednesday that President Ferdinand R. Marcos Jr.’s foreign trips have yielded tangible benefits for the Philippine economy by materializing investment commitments.

AnaKalusugan Party-list Rep. Ray Reyes remarked that Marcos effectively serves as the primary advocate for the Philippines, likening him to the country’s chief salesman.

“He is the face of the country that when he goes there, he has to lend credibility to his word,” Reyes said in a press conference.

He noted that within a one-year span from November 2022 to November 2023, the country experienced a notable surge of 28.7 percent in foreign direct investments.

“So hindi lang travel-travel ito (this is not just merely traveling). There is also a tangible result already into the economy because he is telling every country he comes in that the Philippines is actually ready to work together with the rest of the world,” Reyes said.

He highlighted that under the leadership of Speaker Martin Romualdez, the House of Representatives is actively advocating for institutional reforms through the enactment of priority bills aimed at fostering economic expansion and attracting foreign investments.

Adding to this sentiment, South Cotabato Rep. Peter Miguel emphasized that Marcos is effectively showcasing and endorsing the Philippines as a valuable asset through his visit to Australia.

Miguel further stated that recent initiatives in Congress to propose amendments to the restrictive economic provisions of the Constitution send a positive signal to foreign investors, indicating that the country is moving towards relaxing its investment regulations and is prepared to embrace economic openness.

“Siguradong magpupuntahan lahat dito because our market is so big. Doon pa lang with a hundred million population and with the capability ng mga Filipino, matatalino tayo, magagaling tayo magtrabaho, marunong tayo umingles, yung labor natin hindi naman ganun kataas (I’m sure a lot of investors would flock in because our market is so big. With a hundred million population, with the capability of Filipinos –we are intelligent, hardworking, English proficient, and with our cheap labor), so we can expect the deluge of foreign investors for their own global market),” he said.

The Department of Trade and Industry (DTI) previously disclosed that approximately USD14.2 billion worth of investment commitments secured during President Marcos’ foreign trips over the past 16 months have started materializing as of December 2023.

According to the DTI, these investments stem from 46 projects that are either currently operational or have officially registered with investment promotion agencies.

“Our dedication to turning investment pledges into reality is unwavering. We also leverage each presidential visit as a springboard for building up a pipeline of investment opportunities and making the Philippines as investment destination of choice,” DTI Secretary Alfredo Pascual said in a statement.

The DTI indicated that out of the total projects, 16 are within the manufacturing sector, 10 are related to information technology and business process management (ITBPM), and nine are focused on renewable energy.

Japan and the United States emerged as the primary sources of these investments, contributing 21 and 13 projects, respectively.

“Foreign investors are still conducting pre-implementation and planning activities in their respective countries for the remaining 102 projects involving USD58 billion investment pledges,” the DTI said.

The DTI further noted that the establishment of the One-Stop Action Center for Strategic Investments (OSAC-SI) played a crucial role in expediting the realization of foreign investment pledges.