Department of Trade and Industry (DTI) Sec. Alfredo Pascual attends the Committee on Foreign Relations’ public hearing in this photo on December 12, 2022. Senate PRIB / Bibo Nueva Espaٌña
MANILA, Philippines — The Department of Trade and Industry (DTI) on Wednesday said that only a total of $88 million or around P4,830,540,000 had materialized thus far from the investment pledges made from the foreign trips of President Ferdinand Marcos Jr.
In the beginning of 2023, the President had previously traveled to several countries, including China and the United States, garnering investment pledges worth P3.48 trillion as of February.
“The number that we expect to materialize in 2023 will total around $88 million, maliit pa ‘no. Iyon lang iyong up to June this year, and we expect some more to ripen and eventually live to the inflow of investments,” said Trade Secretary Alfredo Pascual in a Palace briefing.
(The number that we expect to materialize in 2023 will total around $88 million, this is still small. That is just up until June this year, and we expect some more to ripen and eventually live to the inflow of investments.)
According to Pascual, however, there is still $ 70 billion worth of investment pending to be materialized.
“It’s not so large as yet, but the potential is as we announced before, we have a pipeline that we were able to build up amounting to around $ 70 billion,” said Pasual.
The DTI chief said that the $88 million came from six projects alone, all of which have commenced. Pascual, however, withheld other details, saying that it remains confidential.
He acknowledged, however, that pledges are not absolute and that not all leads may materialize.
“It is crucial to emphasize that significant investments take time to implement and their benefit to the country is also long-term. So, it takes time to solicit, implement and to operate a business but the moment they are here, they are here to stay,” said Pascual.
“Given the reality that not all leads may materialize, I would like to reiterate that the reality of life is that not all leads will materialize. We must sustain our efforts therefore to generate investment leads to achieve our desired level of investments over the long time going forward. Just like in any business, the selling job does not stop,” he added.
According to the Presidential Communications Office, Marcos’ trips from the beginning of his term to February 2023 included the following countries, with their respective pledges:
- Indonesia – US$8.48 billion (P468.96 billion)
- Singapore – US$6.54 billion (P361.67 billion)
- United States – US$3.847 billion (P212.74 billion)
- Thailand – US$4.62 billion (P255.53 billion)
- Belgium – US$2.20 billion (P121.68 billion)
- China – US$24.239 billion (P1.34 trillion)
- Japan – US$13 billion (P719 billion)
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