Marcos: LOIs, MOUs inked for P804.78 billion in investments

Several letters of intent and memorandums of understanding have been signed with Indonesian and Singaporean investors for P804.78 billion worth of investments, President Ferdinand Marcos Jr. has said.

In his arrival address at the Ninoy Aquino International Airport on Wednesday night, Marcos said the LOIs and the MOUs were in the sectors of renewable energy, data centers, e-commerce, broadband technology, startups, government housing and agriculture.

"These investments if we put it all together value US$14.36 billion or P804.78 billion. This will support our country’s economic recovery efforts and create more jobs for Filipinos here in our country," Marcos said.

Marcos is back in the country following his inaugural state visits to Indonesia and Singapore.

He thanked both countries for their warm welcome, calling his trip to the Association of Southeast Asian Nations (ASEAN) neighbors “fruitful and engaging”.

"I met with Indonesian President Joko Widodo to comprehensively discuss our overall bilateral ties with Indonesia. Our conversation covered all facets of our relations, particularly defense, security, maritime cooperation, and of course trade and investment, and people-to-people ties," Marcos said.

"We renewed our commitment to stronger bilateral cooperation as fellow ASEAN members and as members of ASEAN and members of --- two of the largest maritime nations in the world," he added.

"Notably, President Widodo and I discussed the delimitation of our boundaries respective to our continental shelves, which I hope can become a template for resolving conflicting claims," Marcos said.

The Philippines and Indonesia likewise signed bilateral agreements during Marcos’ trip including the Plan of Action between the two governments from 2022 to 2027.

"The Indonesian President and I witnessed the signing of agreements that will broaden and deepen our ties in all facets of cooperation—from defense, security, to the creative economy, and even to culture," Marcos said.

"We also agreed to pursue joint activities for the next five years, as our respective Foreign Ministers signed the Philippines-Indonesia Plan of Action for 2022-2027. This lays out the priorities and concrete ways forward for our bilateral cooperation," he added.

Marcos said the Philippines and Singapore had signed various memoranda of understanding (MOUs) and agreements which included the two countries’ collaboration on business opportunities for the development of New Clark City as well as water collaboration.

He met with Singaporean President Halimah Yacob and Prime Minister Lee Hsien Loong.

"The visits also offered us an opportunity to exchange views with the leaders of Indonesia and Singapore on important regional and global issues that affect security in our region. We were cognizant of our roles as neighbors and partners in ASEAN," said Marcos.

"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 also met with members of the Filipino community in Indonesia and Singapore to thank them for their support and contribution to the country’s economy. 

At an economic forum in Singapore, Marcos  on Wednesday invited investors to help in the country's economic resurgence.

Marcos said he was looking forward to forging even stronger ties with the Singaporean business community.

"We invite strategic investors from the international community to take part in the Philippines’ economic resurgence. We will change the game by structural reforms that we have set in place to allow for wider participation in our industries," Marcos said during the economic briefing in Singapore.

"With the Corporate Recovery and Tax Incentives for Enterprises Act or CREATE, and the economic liberalization measures, we have expanded the space for foreign investments in and joint venture opportunities for industry players employing cutting-edge technologies," he added.

Marcos is confident "in the next few years, our economy is expected to outperform our regional peers."

He also called the Philippines as Asia's fastest rising star, expressing confidence that the next six years will be "grounded on a favorable investment policy environment, sound macroeconomic fundamentals, and a strong and decisive economic team."

"My administration is committed to establishing an even more competitive business climate conducive to high-value investments. More investments translate to higher economic activity, more jobs, and a better life for all Filipinos," Marcos said.

Marcos also presented his administration's eight-point socio-economic agenda, which aims  broad-based job creation, expansion of digital infrastructure, and promotion of research and development in the country.

"This strategy will enable us to reduce poverty sharply and upgrade the country to upper middle-income status. We will exercise fiscal prudence in the fulfilment of that agenda," Marcos said.

"To this end, we are pursuing the country’s first-ever medium-term fiscal framework, which will widen our fiscal space to allow for continued investments in public infrastructure and human capital development," he added.

"We will expand our high investments in public infrastructure by leveraging our public private partnerships mechanisms. We will improve interconnectivity through transportation development, we will fast track the development of our railways systems, modernize our airports and seaports, and enhance our road infrastructure," Marcos said.

Marcos, who sits as the country's secretary of agriculture, said his administration would also focus on agriculture as a "strong driver for growth."

"An efficient and modern agriculture sector will ensure food security for all and reduce poverty incidence. We will also reinvigorate the tourism sector through massive investments in travel infrastructure and the promotion of the Filipino brand around the world," Marcos said. —NB, GMA News