Philippine leader says trip fruitful, $14 billion investment pledges

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The leader of the Philippines says the trip

Singaporean President Halimah Yacob sits next to Philippine President Ferdinand Marcos Jr.

Manila-

Philippine leader Ferdinand Marcos Jr. has described his first overseas trip as a success securing $14 billion in investment pledges, as the son of the country’s late ruler looks to generate economic gains to get his presidency off to a strong start.

During his visits this week to Indonesia and Singapore, Marcos met with government and trade leaders and declared the Philippines open for business, calling on private capital to modernize and expand roads, airports and ports in the archipelago of 110 million people.

Marcus, 64, who traveled with senior officials on his economic team, said he has received investment pledges in renewable energy, data centers, e-commerce, broadband technology, government housing and agriculture.

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

“We look forward to doing the detailed work necessary to bring all of these suggestions to fruition.”

Marcos the Elder was overthrown in the 1986 uprising, ending a turbulent two-decade rule that his eponymous son insists was a “golden age” of development for the Philippines he intends to emulate.

Marcus Jr., wants to improve agriculture to reduce dependence on food imports and to expand the economy by up to 8% during his six-year tenure and halve the poverty rate, which was 18.1% in 2021.

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