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By Anna Felicia Bajo
The Commission on Audit said that the Office of the President's travel expenses increased to P403 million in 2022, a 996% increase from the P36.8 million spent in 2021 during then-President Rodrigo Duterte's last full year in office.
Marcos has defended his foreign trips, saying that they would generate investments and employment in the country. The President has been vocal about his goal to make the Philippines the leading investment hub in Asia.
In his second State of the Nation Address in July, Marcos said that P3.9 trillion in investment pledges had been secured from foreign trips since the start of his presidency.
He said these pledges could result in at least 175,000 jobs for Filipinos.
The DTI said that these investments are in various stages, noting that the amount comprises a total of 148 projects. It said the investments are mostly in the sectors of manufacturing, IT-BPM, renewable energy, data centers, and telecommunications.
The DTI further described the investments as business, investment promotion agency (IPA) registered with operations (US$205.53 million or P11.4 billion), Business/IPA registered (US$983.21 million or P54.75 billion) IPA registration in progress operations (US$5.079 billion or P282.8 billion), signed agreement with clear financial project value (US$9.771 billion or P544.152 billion), signed memorandum of understanding/letter of intent (MOU/LOI) (US$28.529 billion or P1.588 trillion) and confirmed investment not covered by MOUs/LOIs and those that are still in the planning stage (US$27.345 billion or P1.522 trillion).
The DTI said that these investment pledges would bring more than 200,000 job opportunities for Filipinos.
Available data showed the following investment pledges after every trip since 2022:
According to DTI Board of Investments Undersecretary Ceferino Rodolfo, Marcos' trips in 2023 have resulted in $5.28 billion or P294 billion worth of actualized investments.
He said that Marcos’ foreign trips have actualized $4.089 billion (P227.72 billion) investments for eight projects; $790.58 million (P44.02 billion) for 11 projects; and, $398.17 million (P22.17 billion) for nine projects as of December 21, 2023.
Rodolfo said the actualized projects have already been registered with investment promotion agencies such as the BOI and the Philippine Economic Zone Authority (PEZA).
“Some of these projects have short gestation periods and are already fully operational and are already employing full-time Filipinos, producing goods or delivering services; and some are already setting up or expanding their facilities – but are nevertheless already employing Filipinos as they already have set-up or expanded their offices and physical presence in the Philippines,” Rodolfo said.
President Ferdinand "Bongbong" Marcos Jr. and First Lady Liza Araneta-Marcos arrive on Friday night, December 15, at the Haneda airport in Tokyo, where the Chief Executive will attend the 50th ASEAN-Japan Summit. PPA POOL
According to economist and expert Michael Ricafort, the net foreign direct investments (FDI) increased and ''some of which would have been added by the various investment commitments from foreign trips since the administration started in the latter part of 2022.''
Ricafort told GMA News Online that investment pledges could lead to more US dollar or foreign currency inflows, however, the public still has to wait for the actual investments to be made into the country in the coming months or years.
''Investment commitments, especially if realized/monetized, from the various foreign trips by the administration could also help generate more investments (FDIs), jobs/employment, infrastructure spending/projects, trade (exports and imports), foreign tourism, and business/economic opportunities that add to the overall economic/GDP growth and development; though some of these investment commitments would realistically take more time,'' Ricafort said.
To recall, Marcos went on state visits to Indonesia and Singapore, attended the United Nations General Assembly in New York; and participated in the ASEAN Summit in Cambodia in 2022.
Marcos also visited Thailand during that year for the APEC Summit and he also went to Brussels, Belgium for the EU-ASEAN Summit.
The President went to Singapore a second time in 2022 when he watched the Formula 1 Grand Prix. Malacañang defended Marcos' attendance at the racing event, saying he still performed duties as Chief Executive.
Meanwhile, his first trip in 2023 was his state visit to China despite the peak of COVID-19 cases in the country in January. The President also traveled to Davos, Switzerland for the World Economic Forum and had an official visit to Tokyo, Japan.
Marcos also had an official visit to the United States in May and a week after that, he participated in the ASEAN Summit in Labuan Bajo, Indonesia.
Marcos also attended the coronation of King Charles III in London. Among the guests who attended the reception held at Buckingham Palace were the Philippine president and First Lady Liza Araneta-Marcos.
President Ferdinand "Bongbong" Marcos Jr.'s meeting with Indonesian President Joko Widodo at Istana Bogor. Four deals on economy, culture, and defense were signed during Marcos' state visit in Indonesia. Malacañang Photos
He also had a second visit to Jakarta, Indonesia for the ASEAN Summit.
The President also made a state visit to Malaysia, visited Singapore anew for a speaking engagement at the 10th Asian Conference, and participated in the ASEAN-GCC Summit in Riyadh, Saudi Arabia.
He also had a three-leg trip in the US as he attended the APEC Summit in San Francisco, California, and had working visits in Los Angeles, California, and Honolulu, Hawaii.
Marcos' last trip for this year was to Tokyo, Japan for the 50th year of the ASEAN-Japan friendship and cooperation. —LDF/NB/RSJ, GMA Integrated News
