Was Marcos' Singapore F1 trip productive? NEDA says 'not privy' to details | ABS-CBN
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Was Marcos' Singapore F1 trip productive? NEDA says 'not privy' to details
Was Marcos' Singapore F1 trip productive? NEDA says 'not privy' to details
Katrina Domingo,
ABS-CBN News
Published Oct 18, 2022 04:21 PM PHT
MANILA — Officials have yet to detail what the Philippines gained from President Ferdinand Marcos Jr.'s latest trip to Singapore during the Formula One Grand Prix, where he reportedly sought to bring in investors.
MANILA — Officials have yet to detail what the Philippines gained from President Ferdinand Marcos Jr.'s latest trip to Singapore during the Formula One Grand Prix, where he reportedly sought to bring in investors.
Socioeconomic Secretary Arsenio Balisacan on Tuesday said he was “not privy” to investment pledges that Marcos could have secured from the unannounced weekend trip some 2 weeks ago.
Socioeconomic Secretary Arsenio Balisacan on Tuesday said he was “not privy” to investment pledges that Marcos could have secured from the unannounced weekend trip some 2 weeks ago.
“I don’t have the number, I was not privy to that,” Balisacan said in a Palace briefing.
“I don’t have the number, I was not privy to that,” Balisacan said in a Palace briefing.
Marcos described the races as "the best way to drum up business."
Marcos described the races as "the best way to drum up business."
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Former Press Secretary Trixie Cruz Angeles meanwhile said Marcos’ trip was “productive” and that he strengthened initial talks with investors.
Former Press Secretary Trixie Cruz Angeles meanwhile said Marcos’ trip was “productive” and that he strengthened initial talks with investors.
Balisacan said “a big part of the efforts to bring in investments to the country is like a courtship.”
Balisacan said “a big part of the efforts to bring in investments to the country is like a courtship.”
“You have to keep pitching the attraction or attractiveness of the Philippines as an investment destination,” he said.
“You have to keep pitching the attraction or attractiveness of the Philippines as an investment destination,” he said.
“It’s not enough that you talk once to them or twice. It has to be a frequent follow-up and ensure them the issues that they raised the first time,” he said.
“It’s not enough that you talk once to them or twice. It has to be a frequent follow-up and ensure them the issues that they raised the first time,” he said.
Marcos’ earlier state visits to Indonesia and Singapore yielded P804 billion in investment pledges, while his business meetings on the sidelines of the United Nations General Assembly had nearly $4 billion in investment pledges, officials said.
Marcos’ earlier state visits to Indonesia and Singapore yielded P804 billion in investment pledges, while his business meetings on the sidelines of the United Nations General Assembly had nearly $4 billion in investment pledges, officials said.
“Major investments usually take time to materialize,” Balisacan said.
“Major investments usually take time to materialize,” Balisacan said.
“It’s fast if you get those investments in one year because when big investors go to a country or expand their operations in a country, they’ll do their work to ensure that their investment will deliver the returns,” he said.
“It’s fast if you get those investments in one year because when big investors go to a country or expand their operations in a country, they’ll do their work to ensure that their investment will deliver the returns,” he said.
“You don’t expect that when they promise, they come in, the next day they are already there.”
“You don’t expect that when they promise, they come in, the next day they are already there.”
The Philippines lags behind its neighbors in terms of attracting foreign capital, but the government is hoping that recent reforms to investment laws will help draw in more outside investors.
The Philippines lags behind its neighbors in terms of attracting foreign capital, but the government is hoping that recent reforms to investment laws will help draw in more outside investors.
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