Marcos in Saudi Arabia: $120M in deals to benefit 15,000 Filipinos

Thousands of Filipinos are expected to benefit from employment and training opportunities that will be available following the signing of agreements, President Ferdinand "Bongbong" Marcos Jr. said in Riyadh on Thursday.

At a business roundtable meeting, Marcos cited Saudi Arabia being "home to the largest population of overseas Filipinos in the world [with] close to around one million OFWs or overseas Filipino workers."

"I also wish to acknowledge the valuable contributions of the companies who are taking part in strengthening this cooperation," Marcos said in his keynote speech.

"With an estimated value of over US$120 million, the agreements that will be signed today are set to benefit more than 15,000 Filipinos in training and employment opportunities across a wide range of professions in the construction industry," he added.

Marcos is in Saudi Arabia to attend the ASEAN-Gulf Cooperation Council Summit.

He expressed his hope that Saudi Arabia would make the Philippines its gateway to the ASEAN and the economies of the Regional Comprehensive Economic Partnership.

"So, as we take part in the ASEAN-GCC Summit, currently being hosted by the Kingdom, we continue to reaffirm our readiness for deeper economic partnerships not just within the Southeast Asian region but as well as with our extended neighbors here in the Gulf," Marcos said.

"We hope that the Philippines will be your chosen gateway to the ASEAN and Regional Comprehensive Economic Partnership (RCEP) economies, which was earlier spoken about. And on that note, I hope that the Saudi business leaders present here today will further Make It Happen in the Philippines," he added.

Marcos in his address before Saudi business leaders said the meeting was "an excellent platform for building greater and closer partnerships between the Philippines and the Kingdom of Saudi Arabia."

"At the forefront of these opportunities is the recently launched Maharlika Investment Fund, the Philippines’ first-ever sovereign investment fund designed to drive long-term economic development through increased investments in high-impact sectors," Marcos said.

"We look forward to benefiting not just from Saudi investments, but also from the Kingdom’s extensive experience in managing such funds," he added.

Marcos said the Philippines had initiated important legislative amendments to existing laws to further open the economy to foreign investments.

"These include the Foreign Investments Act, the Retail Trade Liberalization Act, the Public Services Act, [and] the Renewable Energy (RE) Act, all of which aim to attract more foreign investments in important sectors such as telecommunications, port operations, transportation, and clean energy," Marcos said.

"Moreover, foreign investors are able to enjoy fiscal incentives made available through the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.  I urge you to further engage with my economic team to learn more about such benefits," he added.

JUST IN: Philippine President Bongbong Marcos @bongbongmarcos is currently meeting with Arab business leaders and the Ministry of Business of the Kingdom of Saudi Arabia here in Riyadh, days ahead of the 1st ASEAN-GCC Summit. @gmanews pic.twitter.com/XXqtfurtxz

— JP Soriano (@jpsoriano) October 19, 2023

According to a series of tweets by GMA Integrated News' JP Soriano, Saudi Arabia is considering investing billions of dollars in the Philippines' maritime and trade logistics in the coming years.

Saudi Arabia's minister of investments Khalid Al-Falih also said that there would be a significant demand for Filipino healthcare workers in the kingdom.

During the rountable meeting, an executive for Saudi Aramco informed Marcos of the possibility of establishing long-term supply arrangements for petroleum products with the Philippines. 

Marcos said ASEAN-GCC Summit in Saudi Arabia would be a platform for the Philippines to highlight its needs in the energy and food sectors, as well as the protection of the welfare of overseas Filipino workers.

He left for Riyadh on Thursday to participate in the summit as well as to meet business leaders and the Filipino community.

"This Summit will serve as an important platform for the Philippines to highlight the need for cooperation in energy and food security, logistics and supply chain, digital information, the free flow of goods, people, and services, as well as the enhancement and protection of the rights, of course, of our overseas workers," Marcos said in his departure speech.

"We will emphasize our advocacy in rules-based international order to maintain peace and security and stability in our regions," he added.

Marcos also said he would meet with ASEAN-GCC leaders to discuss the challenges of major geopolitical developments in the comprehensive and concrete enhancement of the country's security.

The President will be in Saudi Arabia from October 19 to 20.

According to Presidential Communications Office Secretary Cheloy Garafil, Vice President Sara Duterte will be the caretaker while Marcos is on an official trip.

The Department of Foreign Affairs had said Marcos' participation in the Summit was important because  the"GCC is composed of highly-developed Arab economies."

"And at the same time, they are petrochemical powerhouses, and as well as hub and logistics economies," the DFA said. —NB, GMA Integrated News