President Ferdinand Marcos Jr.’s foreign trips in the past year have resulted in significant economic gains for the Philippines. According to the Department of Trade and Industry-Board of Investments (DTI-BOI), these visits have actualized investments worth $5.28 billion or P294 billion, benefiting the country’s economy. It is important to note that these figures represent actual investments and businesses that have materialized, rather than mere pledges.
The investments garnered from Marcos’ foreign visits are spread across various sectors and projects. As of December 21, $4.089 billion (P227.72 billion) has been actualized for eight projects, $790.58 million (P44.02 billion) for 11 projects, and $398.17 million (P22.17 billion) for nine projects, as reported by Presidential Communications Secretary Cheloy Garafil. These projects have been registered with investment promotion agencies such as the BOI and the Philippine Economic Zone Authority, ensuring their legitimacy and contribution to the country’s economic growth.
What sets these investments apart is their immediate impact on employment. Many of the projects have short gestation periods and are already fully operational, providing jobs to Filipinos and contributing to the production of goods and services. Some projects involve the expansion of existing facilities, which also leads to the employment of more Filipinos. This highlights the positive ripple effect of foreign investments on the local workforce and economy.
In addition to the investments, President Marcos Jr.’s official foreign trips have also opened up job opportunities for Filipinos. The DTI reports that over 200,000 jobs have been offered as a result of these trips, spanning from the last quarter of 2022 to 2023. Each visit to different countries has brought back employment prospects for Filipinos.
For instance, Marcos’ visit to Indonesia generated 7,100 job opportunities, while his trip to Singapore resulted in 14,932 job offers. The visit to New York alone brought in a staggering 98,000 job opportunities. Other countries where Marcos’ visits have yielded employment include Thailand, Belgium, the Netherlands, China, Japan, Washington, D.C., and Malaysia.
These job opportunities not only provide income for individuals and families but also contribute to the overall growth of the Philippine workforce. The President’s efforts in fostering international relations and attracting investments have a direct impact on job creation, addressing unemployment concerns and promoting economic stability.
The DTI’s report underscores the significance of President Marcos Jr.’s foreign trips in boosting the country’s economy. The investments and job opportunities resulting from these visits reflect the trust and confidence of foreign investors in the Philippines as a viable business destination. The government’s commitment to attracting investments and creating job opportunities is crucial in driving economic growth and improving the lives of Filipinos.
As the Philippines continues to navigate the global economic landscape, it is essential to establish and maintain strong international relations. President Marcos Jr.’s efforts in fostering partnerships and attracting investments are commendable, as they contribute to the country’s economic development and enhance its standing in the global market.
In conclusion, President Ferdinand Marcos Jr.’s foreign trips have proven to be fruitful for the Philippines, bringing in billions of dollars in investments and offering numerous job opportunities. These achievements highlight the country’s attractiveness as a business destination and the positive impact of international relations on economic growth. With continued efforts to foster partnerships and attract investments, the Philippines is poised for further economic success in the years to come.
Source: The Manila Times
