Indonesia, Singapore investment pledges seen to generate 22,000 local jobs: DTI

ABS-CBN News

Posted at Sep 09 2022 11:07 AM

A handout photo made available by Singapore’s Ministry of Foreign Affairs shows Philippine President Ferdinand 'Bongbong' Marcos Jr. (R) waving beside Singapore’s Minister for Foreign Affairs Vivian Balakrishnan at Changi International Airport in Singapore, Sept. 7, 2022. Philippine President Ferdinand 'Bongbong' Marcos Jr. is in Singapore on an official state visit. EPA-EFE/Ministry of Foreign Affairs/Handout 
A handout photo made available by Singapore’s Ministry of Foreign Affairs shows Philippine President Ferdinand 'Bongbong' Marcos Jr. (R) waving beside Singapore’s Minister for Foreign Affairs Vivian Balakrishnan at Changi International Airport in Singapore, Sept. 7, 2022. Philippine President Ferdinand 'Bongbong' Marcos Jr. is in Singapore on an official state visit. EPA-EFE/Ministry of Foreign Affairs/Handout 

 MANILA — The P804.78 billion in investments that President Ferdinand Marcos Jr. secured during his state visits to Indonesia and Singapore are expected to generate over 22,000 jobs in the Philippines, the Department of Trade and Industry said on Friday.

Marcos sealed 10 letters of intent (LOI) and 12 memorandum of understanding with 22 Indonesian and Singaporean investors in the renewable energy, data centers, e-commerce, broadband technology, start-ups, government housing, and agriculture sectors during his state visits from Sept. 4 to 7, the DTI said. 

"These investments, if we put it all together, value USD14.36 billion or PHP804.78 billion," said Trade Secretary Secretary Alfredo Pascual, who accompanied the President and other economic officials during the visit. 

"This will support our country's economic recovery efforts and create more jobs for Filipinos here in our country," he added. 
 
The state visits, which were the first for the Marcos administration, shared the Philippines' economic status, investment opportunities, and the administration's economic agenda.

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