Marcos leaves Indonesia with $8.48 billion worth of investment pledges: Palace

Katrina Domingo, ABS-CBN News

Posted at Sep 06 2022 10:04 PM | Updated as of Jan 21 2023 02:37 AM

Visiting Philippine President Ferdinand Marcos Jr. (front C) and First Lady Louise Araneta Marcos (L) attend a welcome ceremony with Indonesiaís President Joko Widodo (R) and First Lady Iriana Widodo (2nd R, obscured) at the Presidential Palace in Bogor, West Java on September 5, 2022. Adek Berry, AFP/Pool
Visiting Philippine President Ferdinand Marcos Jr. (front C) and First Lady Louise Araneta Marcos (L) attend a welcome ceremony with Indonesiaís President Joko Widodo (R) and First Lady Iriana Widodo (2nd R, obscured) at the Presidential Palace in Bogor, West Java on September 5, 2022. Adek Berry, AFP/Pool

JAKARTA - President Ferdinand Marcos Jr. will bring home $8.48-billion worth of pledged investments after his 3-day state visit to Indonesia, Malacañang said on Tuesday.

The amount was computed based on the “summary of memorandums of agreement and letters of intent signed at the Jakarta Business Roundtable Meeting on September 5, 2022,” Press Secretary Trixie Cruz-Angeles said in a statement.

The investment pledges for the Philippines from Indonesia’s business community are as follows:

  • $822 million in investments to textiles, garments, renewable energy, satellite gateway, wire global technology, and agrifood
  • $7 billion in infrastructure for unsolicited private-public partnerships such as a C-5 4-level elevated expressway
  • $662 million trade value for supply of coal and fertilizer.

“We anticipate that these will generate at least 7,000 new jobs,” Cruz-Angeles said.

Marcos earlier said that while he appreciates a 50 percent increase in the bilateral trading between the Philippines and Indonesia last year, he wants to do something about the balance of trade.

The Philippines' imports from Indonesia currently outweigh its exports to its Southeast Asian neighbor by a wide margin.

Indonesia’s primary exports to the Philippines include motor vehicle parts, coal and palm oil.

The Philippines, on the other hand, exports copper wires and office machine parts to Indonesia.

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