The Philippines is set to get at least $470 million in investment pledges from businessmen in Saudi Arabia during President Rodrigo Duterte’s visit in the Middle Eastern kingdom.
Trade Secretary Ramon Lopez said in a news conference Saudi businessmen will ink with their Filipino counterparts 7 agreements worth about $470 million.
Lopez said the business agreements could translate into 16,000 new jobs for Filipinos.
The trade chief said Saudi Arabia has recognized the contribution of the Filipino workforce to its economy and has decide to “upgrade” the two countries’ bilateral cooperation and trade and investment relationship.
Earlier Tuesday, a labor agreement between Saudi's Ministry of Labor and Social Development and the Department of Labor and Employment was signed by Minister Dr. Ali bin Nasser Al-Ghafis on behalf of the kingdom and Enrique Manalo, acting secretary of foreign affairs.