Philippines, Indonesia sign three business agreements
The Philippines signed three business agreements during the Jakarta Business Roundtable Meeting on Monday that will generate at least 7,000 jobs, Press Secretary Trixie Cruz-Angeles said Tuesday.
In a statement, Cruz-Angeles said that signed were a $822 million investments in textiles, garments, renewable energy, satellite gateway, wire global technology and agrifood.
Also inked was a $7 billion deal in infrastructure for unsolicited private-public partnerships as C-5 four-level elevated expressway as well as a $662 million trade value for coal and fertilizer, added Cruz-Angeles.
''We anticipate that these will generate at least 7,000 new jobs,'' said Cruz-Angeles.
"We anticipate that these will generate at least 7,000 new jobs," Angeles said.
President Ferdinand Marcos Jr said he discussed with Indonesian President Joko Widodo about possibly importing more commodities.
"We talked about the possibility of them supplying us with fertilizer, with urea of Indonesia. Increasing its trade also for our energy because much of our coal comes from Indonesia," Marcos said in a press conference before left for Singapore.
Indonesia is the world's third largest producer of urea fertilizer.
Marcos said he wants to increase exports to Indonesia.
"The trade between Indonesia and the Philippines increased by 50 percent in ‘21 although there’s a trade imbalance really between Indonesia and the Philippines. So I said we should find ways to turn that around," Marcos said.
The Department of Trade and Industry said the Philippines' trade deficit with Indonesia was at $7.53 billion. Imports were $8.4 billion were imports and $867.7 million were exports. DMS
