Marcos trips yield hefty FDIs needed to boost economy—solon

A LAWMAKER on Wednesday said the 90-percent increase in the country’s foreign direct investments (FDI) is proof that President Ferdinand Marcos Jr.’s trips abroad benefit the Philippine economy.

“As I have said time and again, PBBM is our country’s chief salesman and he is doing a very good job at it. The results speak for itself,” said Rep. Ray Reyes of AnaKalusugan partylist group.

“A 90-percent increase in FDI is nothing to sneeze at. What we see is only the beginning and we look forward to more investments this year,” he added.

Reyes, vice chair of the House Committee on Health and member of the ways and means committee, made the statement as the Bangko Sentral ng Pilipinas (BSP) reported that the Philippines reached $907 million in net FDI in January 2024 - an increase of 89.9 percent over the same month last year.

Japan was the leading source of FDI for the month, accounting for 69 percent of the total, followed by the United States at 19 percent.

“This is no coincidence because the President met with Japanese Prime Minister Fumio Kishida and other ASEAN leaders in Tokyo last December,” Reyes noted.

“With this in mind, the President’s critics should put all doubt to rest and admit that his international engagements are indeed, vital to support the country’s development agenda,” he added.

Earlier this month, President Marcos flew to Washington, D.C. for a trilateral summit with United States President Joe Biden and Kishida.

The meeting was the first ever of its kind between the three countries.

“We echo Speaker Ferdinand Martin Romualdez in congratulating the President for being part of this historic meeting,” Reyes said.

“All of us in the House of Representatives are committed to do our part in ensuring the passage of laws that will safeguard our territorial integrity and improve the lives of the Filipino people,” he stressed.