President Ferdinand Marcos Jr. lays down the agenda of his Official Visit to Tokyo, Japan during the send-off ceremonies at the Maharlika Hall in Villamor Airbase (VAB), Pasay City on Wednesday Feb. 8, 2023. Rolando Mailo, PNA
MANILA — Around P239 billion in investment commitments that President Ferdinand Marcos, Jr. secured in his official foreign trips "have materialized" so far, Malacañang said on Friday.
Marcos' trips yielded a total of P3.48 trillion or $62.926 billion worth of investment pledges covering 116 projects, Presidential Communications Office (PCO) said in a statement.
It said the commitments covered the President's trips to Indonesia ($8.48 billion), Singapore $6.54 billion, United States ($3.84 billion), Thailand ($4.62 billion), Belgium ($2.20 billion), China ($24.239 billion), and Japan ($13 billion).
"Of the commitments, US$4.349 billion or P239 billion have materialized with the companies in various stages of implementation of their projects in the country," the PCO said.
Around P1.7 trillion or $29.712 billion worth of projects currently have memorandum of understanding (MOU) or letters of intent, while P1.5 trillion or $28.863 worth of projects "are on the planning stage," the Palace added.
“I can already report that some of the MOUs that we signed in Indonesia and in Singapore, mayroon nang resulta (already have results). And in fact, I think in the next couple of weeks, we will be starting to inaugurate some of these projects already," Marcos said in a video statement.
He added that it was time to consolidate the investment pledges "and see what is needed for those projects to go forward."
"Marami kaming nakita na kailangang baguhin, yung ating mga rules and regulations, kung minsan ay hindi masyado sympathetic sa mga investor," he said.
(We saw many things that need to be changed. Our rules and regulations are sometimes not too sympathetic with investors.)
Marcos said he also had to "converge all of the different agencies of government so that we are working off the same plan."
"We have to strike while the iron is hot... Kailangan habang top of mind pa ng ating mga potential investor ay puntahan na natin sila, ano bang detalye dito... kailan niyo ba gagawin, magkano ba talaga ang i-invest ninyo [at] saan niyo ba ilalagay," he added.
(While it is still on top of ind of potential investors, we should go to them and ask what are the details, when will you do it, how much will you invest, where will you put it.)
Marcos, who took office in June last year, has embarked on 10 foreign trips.
The President recently said he would reduce his foreign trips for the rest of the year to "consolidate" investment pledges.