Marcos Jr.: Deals inked during travels have materialized

MANILA, Philippines — Investment deals amounting to $4.349 billion or P239 billion secured during President Marcos’ foreign trips “have materialized.”

Marcos said various memoranda of understanding (MOU) and letters of intent (LOI) between the Philippines and the host countries he visited since last year are now being fleshed out by concerned agencies and sectors.

“So we’re starting to go into the details of all of those MOUs and LOIs that people have seen us witnessing the signing of agreements and exchanges in different countries,” Marcos said during his meeting with officials of the Department of Trade and Industry and Office of the Presidential Assistant on Investment and Economic Affairs (OPAIEA) at Malacañang on Thursday. “I can already report that some of the MOUs that we signed in Indonesia and in Singapore already have results. And in fact, I think in the next couple of weeks, we will be starting to inaugurate some of these projects,” the Chief Executive said. ?In his report to the President, Trade Secretary Alfredo Pascual said a total of 116 projects worth $62.926 billion or P3.48 trillion were generated from Marcos’ foreign trips.

These included his visits to Indonesia ($8.48 billion), Singapore ($6.54 billion), United States ($3.847 billion), Thailand ($4.62 billion), Belgium ($2.20 billion), China ($24.239 billion) and Japan ($13 billion). ?Of the commitments, $4.349 billion or P239 billion have materialized with the companies in various stages of implementation of their projects in the country, according to a statement released yesterday by the Presidential Communications Office (PCO).

Projects worth $29.712 billion or P1.7 trillion have existing MOU or LOI, while confirmed projects worth $28.863 or P1.5 trillion are pn the planning stage, the PCO said.?Apart from the aforementioned countries, Marcos also visited Cambodia and Switzerland for the Association of Southeast Asia Nations Summit and the World Economic Forum (WEF), respectively. ?The OPAIEA, headed by Frederick Go, acts as a presidential delivery unit which pursues the President’s priority investment and economic agenda, ensuring timely delivery of investment projects, trade agreements and pledges.  ?Marcos, however, said there are many things that should be resolved, particularly rules and regulations that are not investor-friendly. “And the next item is going to be, we will have to converge all of the different agencies of government so that we are working off the same plan. That is what we will do because we have to strike while the iron is hot,” he said.  ?“We’re moving very quickly to, as I say, make sure that while the Philippines is still top of mind of these investors that we immediately explore those opportunities and take advantage of the contacts that we made during these trips,” Marcos added.

In a media interview in January prior to his visit to Japan, Marcos said he plans to cut down on travels this year to implement the agreements made in those trips.

The President went to Tokyo from Feb. 8 to 12 for an official working visit. Prior to this, he visited Beijing, China from Jan. 3 to 5 for a state visit and Davos, Switzerland from Jan. 15 to 20 for the WEF.

Marcos earlier confirmed the Philippine delegation’s attendance at this year’s Asia-Pacific Economic Cooperation Summit, which will be held in the US in November.