Philippines’ Marcos Touts $14 Billion Investment Pledges From ‘Fruitful’ Overseas Trip

MANILA (Reuters) – Philippine leader Ferdinand Marcos Jr has touted his first overseas trip as a success that secured $14 billion in investment pledges, as the country’s late leader’s son plans to economic gains to get his presidency off to a strong start.

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

Marcos, 64, who traveled with senior officials from his economics team, said he received promises of investment in renewable energy, data centers, e-commerce, broadband technology, public housing and farming.

“This will support our country’s economic recovery efforts and create more jobs for Filipinos here in our country,” Marcos said upon returning Thursday night.

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

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The elder Marcos was overthrown in a 1986 uprising, ending a tumultuous two-decade reign which his son and namesake said was a “golden era” of development for the Philippines he intends to reproduce.

Marcos Jr, wants to improve agriculture to reduce dependence on food imports and grow the economy by up to 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)

Copyright 2022 Thomson Reuters.


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