President Ferdinand Marcos Jr. said he secured some $14.36 billion (about P804 billion) worth of investment pledges during this four-day state visits to Indonesia and Singapore.
“My inaugural state visits to our two important Asean neighbors were fruitful and engaging,” Mr. Marcos said in his arrival speech in Manila late Wednesday evening.
“We will do everything that we can to ensure that what we have started in my inaugural state visits will be completed, until ordinary Filipinos feel the impact of these investments. We look forward to doing the detailed work necessary to bring all of these proposals to fruition,” he added.
Malacañang earlier announced that Mr. Marcos has secured $8.484 billion worth of investment pledges from his three-day state visit to Indonesia.
Before he left for Manila, Mr. Marcos courted the Singaporean business community to invest in the Philippines, which he described as “Asia’s fastest rising star.”
He said the Southeast Asian country became the Philippines’ top investor last year, with Singaporean companies maintaining big-ticket projects in telecommunications, infrastructure, startup and innovation, renewable energy, and health care.
He said the next six years under his administration would be grounded on a favorable investment policy environment, sound macroeconomic fundamentals, and a solid and decisive economic team.
“We are on a steady path to a strong recovery from the pandemic and robust economic expansion,” the President said.
“My administration is committed to establishing an even more competitive business climate conducive to high-value investments. More investments translate to higher economic activity, more jobs, and a better life for all Filipinos,” he added.
“We proactively attract investments in our country in order to accelerate post-pandemic growth and create more jobs in the Philippines.”
The President expressed optimism that the country could overcome whatever roadblock, particularly the coronavirus pandemic, with its talented and hardworking people.
“There is no doubt in my mind that the Philippines can recover from the hardships caused by the pandemic. Hand in hand, we will all rise together,” he said.
“We will rise above the challenges and we will fly to greater heights. We are Filipinos and must be proud that we are Filipino, ” he added.
The administration, he said, is striving hard to provide quality services to Filipinos abroad and, at the same time, take care of their families in the Philippines through different government programs.
Next year, Marcos vowed to make the Department of Migrant Workers (DMW) fully operational through the stewardship of Secretary Susan Ople.
There are over 200,000 Filipinos in Singapore working as household service workers, medical professionals, engineers, architects, bankers, entrepreneurs, teaching personnel, performers, lawyers, media practitioners, researchers, writers, as well as IT professionals.
Despite the pandemic, OFWs in Singapore continue to send remittances to their families in the Philippines.
Last year, Singapore was the second highest sender of OFW remittances, amounting to $2.2 billion.
During his state visit, the Philippines and Singapore signed a number agreements, including:
• A memorandum of understanding between the Department of Information and Communications Technology of the Philippines and the Ministry of Communications and Information of Singapore in the field of digital cooperation;
• A joint communiqué between the Department of Migrant Workers of the Philippines and the Ministry of Health of Singapore on the recruitment of Filipino health care workers.
• A memorandum of understanding on cooperation in personal data protection between the National Privacy Commission of the Philippines and the Personal Data Protection Commission of Singapore;
• A memorandum of understanding between the Bases Conversion and Development Authority of the Philippines and Enterprise Singapore for Singapore and Philippines to collaborate on business opportunities on the development of New Clark City;
• A memorandum of understanding between the Metropolitan Waterworks and Sewerage System of the Philippines and the Public Utilities Board of Singapore on water collaboration; and
• Arrangements between the Singapore Armed Forces and Armed Forces of the Philippines concerning the assignment of a team to the Regional Counterterrorism Information Facility in Singapore.
Marcos arrived in Singapore on Tuesday for a two-day state visit.
Before flying to Singapore, Marcos had a three-day state visit to Indonesia, where he met with Indonesian President Joko Widodo and witnessed the signing of agreements on the economy, culture, and defense.
Marcos was expected to return to the Philippines on Wednesday night.
The South China Sea and the need to maintain a conducive environment for code of conduct (COC) negotiations were among the issues discussed by Marcos and Singaporean leaders during his state visit.
In a joint statement, Marcos, Singapore President Halimah Yacob, and Prime Minister Lee Hsien Loong sought a stable South China Sea, as they reiterated the Association of Southeast Asian Nations’ (ASEAN) call for “peaceful resolution of disputes” without resorting to threat or use of force.
“They underscored the importance of the full and effective implementation of the Declaration on the Conduct of Parties in the South China Sea (DOC) in its entirety, and to conduct substantive negotiations towards the conclusion of an effective and substantive Code of Conduct in the South China Sea (COC) in accordance with international law, including 1982 UNCLOS (United Nations Convention on the Law of the Sea),” the statement released by the Department of Foreign Affairs (DFA) said.
The three leaders said the COC must also safeguard the rights and interests of all parties in the South China Sea.
China, the Philippines, and several other littoral states are locked in a territorial dispute over the vital sea lane, where Beijing claims about 80 percent under its nine-dash line.
The COC, a framework that would establish a set of rules to manage tensions in the area, is under negotiation between China and the ASEAN.
Aside from South China Sea, the three also discussed the situation in Myanmar and the continuing war in Ukraine.
They called for the release of all political detainees in Myanmar including President U Win Myint, State Counsellor Aung San Suu Kyi, and foreign detainees.
“The lLeaders expressed deep concern about the situation in Myanmar, including the prolonged political crisis in the country and the recent execution of four opposition activists,” the statement read.
They also urged Myanmar to avoid actions that would be inimical to eventual national reconciliation in Myanmar as they expressed disappointment over the limited progress in implementation of the Asean Five-Point Consensus.
On Ukraine, the leaders emphasized the Philippines and Singapore’s “staunch support” for international law and the principles enshrined in the UN Charter.
They strongly urged all parties to utilize diplomatic and peaceful means, and avert the further worsening of the humanitarian crisis in the Eastern European state.
The leaders made a commitment to closely coordinate and provide mutual support at international and regional fora, particularly in ASEAN and other ASEAN-led mechanisms.