Marcos: Malaysia trip generated $285M in investment pledges

KUALA LUMPUR - President Ferdinand "Bongbong" Marcos Jr. said Thursday that his three-day state visit to Malaysia generated $285 million worth of investment commitments from the Malaysian business sector.

“It is not definite… it’s up to $285 million,'' Marcos told reporters after meeting with Malaysian businessmen from key sectors of agriculture, transportation, and technology on Thursday morning.

A press release from the Presidential Communications Office said Malaysian business leaders were interested in investing in the food processing industry, multi-service digital platforms, aviation, aviation maintenance support services, logistics, manufacturing, infrastructure, water, and wastewater treatment in the Philippines.

Marcos, however, could not provide an estimate on the number of jobs these investment commitments could generate.

“We don’t have a number as yet because kakapirma lang eh, we have to make assessments,” he said.

Marcos said the Philippine government would continue to extend support to Malaysian investors for better collaboration.

“We have made our system of corporate taxation more business-friendly with a lowered tax rate and improved mechanism for tax and incentives. We continue to seek ways to facilitate and expedite investments,'' he said.

''We have recently established what we refer to as green lanes for strategic investments as a means to establish a whole-of-government approach to facilitate at the highest level of government the critical investments necessary for the development and competitiveness of our economy.''

On Wednesday, Marcos said that Malaysian authorities had expressed their intention to train Filipino counterparts on running the Halal industry and Islamic banking.

"Building on our bilateral relations, our governments commit to closely coordinate efforts to build capacity in the Bangsamoro Autonomous Region in the southern Philippines, in Muslim Mindanao, especially in sectors such as the Halal industry, Islamic banking, and food security," Marcos said during the joint statement after his meeting with Prime Minister Anwar Ibrahim.

"Malaysia has warmly offered their expertise to train Philippine personnel and officials to strengthen our capabilities in these increasingly important sectors," he added.

Anwar said the two countries should implement measures that will ensure the penetration of the Halal industry in the Middle Eastern market.

Marcos was set to return to the Philippines on Thursday evening. — VBL, GMA Integrated News