Speaker: P37.17-B pledges from US proof of int’l community trust to PH
MANILA, Philippines — The $672.3-million investment pledges (P37.17 billion) secured by President Ferdinand Marcos Jr. during his United States (US) trip is proof of the international community’s trust, House Speaker Ferdinand Martin Romualdez said.
Romualdez, in a statement, said that the pledges will go a long way in terms of advancing the Philippines’ economic interests.
The $672.3 million pledges have been broken down by the Presidential Communications Office into $400 million in the telecommunications sector; $250 million in semiconductor and electronics; $20 million in pharmaceutical and health care; $2 million in artificial intelligence for weather forecasting; and $300,000 in renewable energy.
“President Marcos Jr.’s adept leadership and diplomatic prowess were evident in the significant investment commitments garnered and making inroads for mutually beneficial cooperation with various sectors in the United States,” Romualdez said on Tuesday
“The $672.3 million in pledges is a testament to the international community’s confidence in the President’s leadership. This accomplishment underscores his dedication to advancing the economic interests of the Philippines and fostering partnerships on the global stage,” he added.
Romualdez said part of the reason why Marcos was able to secure these pledges was because talks from the sidelines of the Asia-Pacific Economic Cooperation (APEC) in San Francisco materialized.
He also assured that the House will work with the executive branch in the smooth implementation of the pledges, should the rollout of these investments start.
“There is no doubt that these investment pledges and the materialization of partnerships arising from the exploratory talks on the sidelines of the APEC Summit will have a positive impact on job creation, infrastructure development, and overall economic growth of the country,” Romualdez said.
“The House of Representatives is committed to working collaboratively with the Executive branch to ensure the smooth implementation of these investment commitments and partnerships. We support any legislative measures necessary to create an environment conducive to the success of these endeavors,” he added.
Marcos was in the US for a weeklong trip, where he talked to several leaders like US Vice President Kamala Harris and other officials for security discussions, particularly on the issue of the West Philippine Sea.