Marcos secures P800 billion investment pledges from Singapore, Indonesia

MANILA, Philippines — More than P800 billion worth of investment pledges seen to create about 22,000 jobs were signed during President Marcos’ state visits to Indonesia and Singapore this week, his first overseas trips as Chief Executive.

“I am proud to announce that we have signed and sealed a total of 10 letters of intent and 12 MOUs (memoranda of understanding) in the sectors of renewable energy, data centers, e-commerce, broadband technology, startups, government housing, and agriculture, and witnessed the signing of several letters of intent and MOUs from 22 Indonesian and Singaporean investors,” Marcos said in his arrival statement delivered at the Ninoy Aquino International Airport Terminal 2 Wednesday night.

“These investments, if we put it all together, value $14.36 billion or P804.78 billion. This will support our country’s economic recovery efforts and create more jobs for Filipinos here in our country,” he added.

In Indonesia, Marcos received some $8.48 billion worth of investment pledges that are expected to generate 7,000 new jobs, according to the Office of the Press Secretary.

The value of investment pledges for unsolicited private-public partnerships in infrastructure such as the C-5 four-level elevated expressway totaled $7 billion.

The President also received pledges for investments in textiles, garments, renewable energy, satellite gateway, wire global technology and agrifood worth $822 million and coal and fertilize supply deals worth $662 million. These investment pledges are seen to create 7,000 new jobs.

The value of investment pledges made in Singapore totaled $6.54 billion or P374.57 billion and covered deals on electronic tricycles ($5 billion), renewable energy ($1.2 billion), in-country data center ($200 million); “blue economy,” including marine renewable energy, water production, desalination, electric boats and aquaculture ($10 million to $100-million); innovation platform for startups ($20-million) and “women in technology ($20-million).”

A computation of the data released by OPS showed that the total amount of investment pledges is $15.02 billion. Journalists have sought clarification from the OPS on the figures but have yet to receive a response.

Marcos lauded his economic team and members of his delegation and vowed to ensure that the signed business agreements would be finalized and felt by ordinary Filipinos.

“We look forward to doing the work, the detailed work that is necessary to bring all of these proposals to fruition. And that is what we are all now going to bend ourselves to this work. We will not stop until we can come back and say, these MOUs that were started, these letters of intent, yielded results,” the President said.

“Indeed, my back-to-back visits to Indonesia and Singapore I think have been thoroughly worthwhile,” he said.

“I reiterate my deepest appreciation to the governments of Indonesia and Singapore for this opportunity to reaffirm our friendship and explore avenues of cooperation that will benefit all of our countries,” he added.

In Singapore, the Bases Conversion and Development Authority (BCDA) inked an MOU with Enterprise Singapore (EnterpriseSG) for greater collaboration in the development of the 9,450-hectare New Clark City in Capas, Tarlac.

Marcos and Singapore Prime Minister Lee Hsien Loong witnessed the signing of the agreement by BCDA president and CEO Aileen Zosa and EnterpriseSG CEO Png Cheong Boon at the Istana in Singapore.

“With Singapore as a global frontrunner in the area of smart city development, we at BCDA are very fortunate to have EnterpriseSG as our partner to facilitate knowledge exchange and link us with Singaporean firms who have the experience and expertise in the field,” Zosa said.

“This MOU will surely be instrumental in achieving our goal of developing New Clark City into a smart, green, sustainable and highly liveable metropolis,” she said.

Based on the MOU, BCDA and EnterpriseSG aim to explore collaborative opportunities in the development of New Clark City, particularly in priority areas, such as affordable housing, estate management, transportation, solid waste management, waste-to-energy technology, smart cities, sustainability, green data centers, and urban development and people-centric programs.

Last Aug.23, officials from EnterpriseSG visited New Clark City, including the 120-hectare Innovation Park developed by Filinvest Land Inc.

Meanwhile, militant group Bagong Alyansang Makabayan (Bayan) taunted Marcos pitching before the business community in Singapore that the Philippines is “Asia’s fastest rising star.”

“Mr. Marcos may think it is proper to hype the Philippines in his sales pitch to Singaporean investors but for ordinary Filipinos especially the poor, his statements are far from reality and are the stuff of fantasy,” Bayan secretary general Renato Reyes said in a statement.

In a speech during at an economic briefing with Singaporean investors on Wednesday afternoon, Marcos said the Philippines “is expected to outperform its regional peers.”

“My administration is committed to establishing an even more competitive business climate, conducive to high value investments. More investments translate to higher economic activity, more jobs and a better life for all Filipinos,” Marcos added.

For Bayan, “the Philippines is anything but a rising star. It is a problematic, crisis-ridden economy.” — Elizabeth Marcelo, Ric Sapnu