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Intellasia East Asia News – Marcos brings home $4-B in potential investments from US trip

Investments that American businesspeople promised to President Ferdinand Marcos Jr. during his recent visit to the US could generate over a hundred thousand jobs for Filipinos, Malacanang said Thursday.

In a statement, the Palace said these business pledges which may or may not materialise in the future have a combined worth of $3.9 billion and could create 112,285 jobs in the country.

Economic sectors such as information technology and business process management (IT-BPM), data centers and manufacturing would corner the fresh capital should American investors firm up their commitments.

The Palace, however, did not name the US companies that promised these potential investments. “Some companies had expressed interest in considering new or further investments in the country, but their plans have yet to be firmed up,” the statement read in part.

Marcos flew to New York this month to attend the United Nations general Assembly, marking his international debut after his landslide election victory. The Palace said Marcos met with US President Joe Biden, who told his Philippine counterpart that Washington wants to build stronger ties with Manila despite “rocky times” between the two countries in the past.

Central bank data shows the US accounts for 4.54 percent of total FDIs to the Philippines in 2021.

https://www.philstar.com/business/2022/09/29/2213096/marcos-brings-home-4-b-potential-investments-us-trip

 

Category: Philippines


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