Economy 2 MIN READ

Marcos touts USD 14 billion investment pledges from ‘fruitful’ overseas trip

September 8, 2022By Reuters

Philippines leader Ferdinand Marcos Jr has touted his first overseas trip as a success that secured investment pledges of USD 14 billion, as the son of the country’s late ruler eyes economic gains to get his presidency off to a strong start.

During visits this week to Indonesia and Singapore, Marcos met leaders of government and commerce and declared the Philippines open for business, inviting private capital to upgrade and expand roads, airports and seaports in the archipelago of 110 million people.

Marcos, 64, who travelled with top officials of his economic team, said he received investment pledges in renewable energy, data centres, e-commerce, broadband technology, government housing and agriculture.

“This will support our country’s economic recovery efforts and create more jobs for Filipinos here in our country,” Marcos said on his return late on Thursday.

“We look forward to doing the detailed work that is necessary to bring all these proposals to fruition.”

The elder Marcos was overthrown in a 1986 uprising, ending a tumultuous two-decade rule that his son and namesake insists was a “golden era” of development for the Philippine that he intends to replicate.

Marcos Jr, wants to improve agriculture to reduce reliance on food imports and to expand the economy by as much as 8% during his six-year term and halve the poverty rate, which was 18.1% in 2021.


(Reporting by Neil Jerome Morales; Editing by Martin Petty)

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