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PBBM secures $14.36 billion investment pledges during state visits to Indonesia and Singapore

PBBM secures $14.36 billion investment pledges during state visits to Indonesia and Singapore

Following his first state visits to Indonesia and Singapore, President Ferdinand "Bongbong" Marcos Jr. secured $14.36 billion in investment pledges to support economic recovery and job creation efforts.

Following his inaugural state visits to Indonesia and Singapore, President Ferdinand "Bongbong" Marcos Jr. secured $14.36 billion in investment pledges, supporting the administration's economic recovery and job creation initiatives.

The investment pledges are contained in ten letters of intent and twelve memorandums of understanding signed and sealed involving a variety of sectors such as renewable energy, data centers, e-commerce, broadband technology, startups, government housing, and agriculture.

Marcos revealed the gains during his arrival message at Ninoy Aquino International Airport on Wednesday.

The President also witnessed the signing of several Letters of Intent and Memorandums of Understanding (MOUs) by 22 Indonesian and Singaporean investors.

"It's one of the things I said during the SONA — that we need to attract more foreign investment to help our economy grow," Marcos said.

"All of it is for our people, whether they live in the Philippines or elsewhere."

The President described his inaugural state visits to the country's important Southeast Asian neighbors as "fruitful and engaging."

He stated that during a meeting with Indonesian President Joko Widodo, they thoroughly discussed the two countries' overall bilateral ties, covering all aspects of relations, particularly defense, security, maritime cooperation, trade and investment, and people-to-people ties.

"We reaffirmed our commitment to stronger bilateral cooperation as ASEAN members and as members of — two of the world's largest maritime nations. In 2024, we will be celebrating our Diamond Jubilee or 75 years of official diplomatic friendship," he said.

He added that the delimitation of the two countries' maritime borders and the importation of Indonesian fertilizer and coal were also discussed.

Marcos also met with Singapore's President Halimah Yacob and Prime Minister Lee Hsien Loong, highlighting the two countries' deep and enduring friendship.

According to him, his visits provided an opportunity to discuss important regional and global issues affecting regional security with the leaders of Indonesia and Singapore.

The President witnessed the signing of agreements in Indonesia aimed at broadening and deepening ties in all areas of cooperation, from defense and security to creative economy and even culture.

As foreign ministers signed the Philippines-Indonesia Plan of Action for 2022-2027, they also agreed on joint activities for the next five years.

This document outlines the priorities and concrete next steps for bilateral cooperation.

PBBM and Prime Minister Lee witnessed the signing and exchanging agreements in Singapore on counterterrorism, personal data protection, digital cooperation, water resource management, and investment, all of which contribute to development and prosperity.

With his economic team, PBBM met with business leaders and investors from Indonesia and Singapore, encouraging them to invest in the Philippines.

The country's main trade and investment partners are Indonesia and Singapore.

More notably, Singapore is the Philippines' top ASEAN trading partner and sixth in the world, and the top source of approved investments last year.

During his visits to Indonesia and Singapore, the President also met with members of the Filipino community, recognizing their contributions to the Philippine economy and nation-building. (Source: PND)

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