Filtered By: Money

Investment pledges worth over $8B secured during Marcos’ Indonesia trip - Palace

SINGAPORE - The Philippines secured investment pledges totaling $8.48 billion during President Ferdinand “Bongbong” Marcos Jr.’s first state visit to Indonesia, according to the Office of the Press Secretary on Tuesday.

This includes $7 billion in investments in infrastructure for unsolicited private-public partnerships, including the C-5 four-level elevated expressway, as well as $822 million in investments in textiles, garments, renewable energy, satellite gateway, wire global technology, and agricultural food.

There is also a $662-million trade value for the supply of coal and fertilizer.

The OPS said the commitments were made during the Jakarta Business Roundtable Meeting held on Monday.

Marcos earlier said Indonesia would possibly supply urea fertilizer and coal to the Philippines as he raised agriculture and energy sector concerns with his Indonesian counterpart, Joko Widodo, during their meeting on Monday. 

The OPS said the business deals between the Philippines and Indonesia could generate at least 7,000 new employment opportunities. 

Speaking to reporters in Indonesia on Tuesday morning, Marcos said his three-day state visit turned out to be “more productive than we had expected.”

Agreements on the economy, culture, and defense, as well as a plan of action for bilateral relations in the next five years, were also signed by the two countries.

Marcos is now in Singapore, where he is also looking to get investment deals for the Philippines. — VBL, GMA News