MANILA, Philippines — President Ferdinand “Bongbong” Marcos, Jr. in his second State of the Nation Address (SONA) on Monday said that the efforts to strengthen diplomatic ties through his foreign trips had generated P3.9 trillion in investment pledges.
“We have formed strategic alliances with our traditional and newfound partners in the international community. We have embarked [on] foreign trips to promote the interest of the country, for peace-building, and for mutually beneficial purposes,” Marcos said.
The pledges have the potential to turn into 175,000 jobs, he added.
Marcos had a total of 13 overseas trips since he became president last year. This includes trips to Indonesia, Singapore, the United States, Cambodia, Thailand, Belgium, China, Switzerland, Japan and the United Kingdom.
The cost of these travels has yet to be made public.
A report by the Philippine Center for Investigative Journalism (PCIJ) puts investment pledges at $62 billion, with China topping the list of highest pledges at $22 billion for agriculture. However, China also has a record of not following through with its pledges.
Citing data from the Lowy Institute, PCIJ found that China committed $6.2 billion worth of financial development assistance to the Philippines from 2015 to 2021, but only $262 million materialized.
Former National Economic and Development Authority Director-General Winnie Monsod previously said that foreign investment pledges are “nothing but words” until the money comes into the country.
Analysts also say that the president's trips serve to improve the country’s image by repairing ties with the United States and the European Union following his predecessor Rodrigo Duterte’s geniality with China and Russia. —Intern, Ingrid Alexandrea Delgado