BBM Wins PHP 800B from Indonesia and Singapore Trip

HANDSHAKES. On September 8, Philippine President Ferdinand Marcos Jr. signed agreements with Indonesian President Joko Widodo at the Republic of Indonesia Bogor Presidential Palace in Jakarta. ©Valenzuela

President Ferdinand “Bongbong” Marcos signed more than PHP 800 billion (USD14.36 billion) in investment pledges during his inaugural state visits to Indonesia and Singapore.

Upon arrival in Ninoy Aquino International Airport, he signed and sealed 10 letters of intent and 12 letters of Memoranda of Understanding (MOU) concerning renewable energy, data centers, e-commerce, broadband technology, startups, government housing, and agriculture as 22 Singaporean and Indonesian inventors sign letters of intent and MOU.

Marcos Jr. stated, “These investments, if we put it all together, value USD 14.36 billion or PHP 804.78 billion. This will support our country's economic recovery efforts and create more jobs for Filipinos here in our country.”

The Office of the Press Secretary said that on his trip to Indonesia, the President received USD 8.48 billion worth of investment pledges that can be used to create 7,000 new jobs.

“We look forward to doing the work, the detailed work that is necessary to bring all of these proposals to fruition. And that is what we are all now going to bend ourselves to this work. We will not stop until we can come back and say, these MOUs that were started, these letters of intent, yielded results,” Bongbong Marcos Jr. stated.

He thanked the Indonesian and Singaporean governments for the opportunity to strengthen their relationship as nations.

“We are all now going to bend ourselves to this work. We will not stop until we can come back and say, itong mga nasimulan na MOU, itong nasimulan na Letters of Intent, ay nagkaroon na ng resulta (these MOUs, these Letters of Intent, now have results),” he said.