Indonesia, Singapore pledge P805.7-B in investments to Philippines, says Marcos

PRESIDENT Ferdinand “Bongbong” Marcos Jr. said on Wednesday, Sept. 7, 2022, that a total of $14.36 billion or P804.78 billion worth of investment pledges were secured during his state visits to Indonesia and Singapore.

Marcos, who arrived in the country on Wednesday night, said a total of 10 letters of intent and 12 memorandum of understanding (MOU) in the sectors of renewable energy, data centers, e-commerce, broadband technology, start-ups, government housing and agriculture were signed and sealed during his first trip abroad since he took office in July.

He said he also witnessed the signing of several letters of intent and MOUs from 22 Indonesian and Singaporean investors.

Among the signed agreement between the Philippines and Indonesia during Marco’s visit were the following:

Plan of action between the Indonesia and the Philippines from 2022 to 2027;

MOU between Indonesia and Philippines on cultural cooperation;

Agreement on cooperative activities in the field of defense and security between Indonesia and Philippines; and

MOU for cooperation in the development and promotion of creative economy between Indonesia and the Philippines.

In a business roundtable meeting, MOUs and Letters of Intent, including the $822 million worth of investment pledges in textiles, garments, renewable energy, satellite gateway, wire global technology and agri-food; $7 billion in infrastructure for unsolicited private-public partnerships such as a C-5 four-level elevated expressway; and $662-million trade value for the supply of coal and fertilizer were also inked.

In Singapore, the bilateral agreements signed were:

Arrangement concerning the assignment of a team to the regional counter-terrorism information facility in Singapore between the Armed Forces of the Philippines and the Singapore Armed Forces;

MOU in the field of digital cooperation between the Department of Information and Communications Technology of the Philippines and the Ministry of Communications and Information of Singapore;

MOU for collaboration on the development of New Clark City, between the Bases Conversion and Development Authority (BCDA) of the Philippines and Enterprise Singapore;

Renewal of the MOU on cooperation in personal data protection between the National Privacy Commission of the Philippines and the Personal Data Protection Commission of Singapore; and Renewal of the MOU on water collaboration between the Metropolitan Waterworks and Sewerage System of the Philippines and the Public Utilities Board of Singapore.

A joint communiqué between the Department of Migrant Workers and the Ministry of Health of Singapore on the recruitment of Filipino healthcare workers was also signed.

Marcos said he and Indonesia President Joko Widodo also discussed the delimitation of boundaries respective to the continental shelves, which can become a template for resolving conflicting claims, importing fertilizers into the Philippines and increasing coal imports for our energy supply.

“The visits also offered us an opportunity to exchange views with the leaders of Indonesia and Singapore on important regional and global issues that affect security in our region. We were cognizant of our roles as neighbors and partners in Asean (Association of the Southeast Asian Nations),” he said.

“We all shared the view that in this time of geopolitical turmoil and uncertainty, unity, mutual respect and the principle of sovereign equality should always prevail in our efforts to uphold peace and stability and an environment conducive to our continued national development,” Marcos added.