Marcos says MOUs inked during foreign trips showing results
The memoranda of understanding (MOUs) signed during the trips abroad have materialized, President Ferdinand R. Marcos Jr. said on Thursday.
This, as the Marcos administration go into the details of the foreign travels intended to attract more investors.
“So we’re starting to go into the details of all of those MOUs and LOIs that people have seen us witnessing, mga pirma-pirma and exchanges sa different countries, (the signing of agreements and exchanges)” President Marcos said following a meeting with officials of the Department of Trade and Industry (DTI) and the Office of the Presidential Assistant on Investment and Economic Affairs (OPAIEA) aimed at putting together and following through the different investment pledges.
“I can already report that some of the MOUs that we signed in Indonesia and in Singapore, mayroon ng resulta (already have results). And in fact, I think in the next couple of weeks, we will be starting to inaugurate some of these projects already.”
The OPAIEA headed by Frederick Go acts as a presidential delivery unit, which pursues the President’s priority investment and economic agenda, ensuring timely delivery of investment projects, trade agreements, and pledges, among others.
DTI Secretary Alfredo Pascual told the President during the meeting that a total of 116 projects worth $62.926 billion or P3.48 trillion were generated from his foreign trips.
Total foreign investments committed during the President’s official travels include in Indonesia, $8.48 billion; Singapore, $6.54 billion; United States, $3.847 billion; Thailand, $4.62 billion; Belgium, $2.20 billion; China, $24.239 billion; and Japan, $13 billion.
Of the commitments, $4.349 billion or P239 billion have materialized with the companies in various stages of implementation of their projects in the country. Projects worth $29.712B or P1.7 trillion have existing Memorandum of Understanding or Letters of Intent while confirmed projects worth $28.863 or P1.5T are on the planning stage.
The President had said after his last foreign trip that it is now time to consolidate all of the investment pledges and determine what needs to be done so those projects could move forward.
There are many things that should be resolved particularly rules and regulations that are not investor-friendly, he said, adding they have listed down things posing problems to businesses.
“And the next item is going to be, we will have to converge all of the different agencies of government so that we are working off the same plan. ‘Yun ang gagawin natin (That is what we will do) because we have to strike while the iron is hot,” the chief executive said.
“We’re moving very quickly to, as I say, make sure that while the Philippines is still top of mind of these investors that we immediately explore those opportunities and take advantage of the contacts that we made during these trips,” he said. Presidential News Desk
