Marcos brings home nearly $4 billion worth of investment pledges from US: Palace

Job Manahan, ABS-CBN News

Posted at Sep 29 2022 02:36 PM | Updated as of Jan 21 2023 03:21 AM

Office of the Press Secretary handout
President Ferdinand Marcos Jr. meets with US President Joe Biden in a bilateral meeting on the sidelines of the UN Genral Assembly on September 22, 2022. Office of the Press Secretary handout

MANILA — President Ferdinand Marcos Jr's investment pledges during his week-long working trip to the United States may be worth $3.9 billion and may generate thousands of jobs in the future, Malacañang said on Thursday. 

The Office of the Press Secretary said the investment pledges mainly came from information technology and business process management, data centers, and manufacturing and may generate over 112,000 jobs. 

"The estimates do not reflect the full potential of future investments from several companies that the President and the trade department met while in New York," the statement read, citing the Palace's investment data.

"Some companies had expressed interest in considering new or further investments in the country, but their plans have yet to be firmed up," it added. 

Aside from delivering a speech at the UNGA in New York, Marcos also met on the sidelines with US President Joe Biden, UN Secretary General Antonio Guterres, Japanese Prime Minister Fumio Kishida, among others.

Marcos during his working trip, which included business-related meetings and an economic briefing, reiterated the goal of enticing investors and business leaders to invest in the Philippines. 

"I also spoke about my administration's priorities and plans for the next 6 years. And the engagement with Asia Society was a fitting end to a week in the UN and the United States that had one singular message: the time to invest in the Philippines is no longer just sometime in the future, it is now," he said during his arrival statement Sunday.

A member of his Private Sector Advisory Council also said his business trip to the United States would boost the confidence of investors. 

The Philippines lags its Southeast Asian neighbors in terms of attracting foreign capital. The government however is hoping that recent laws passed which ease foreign entry into key industries will help boost investments.

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