Marcos: $100 billion investments into PH for next 5-10 years feasible

WASHINGTON, D.C., United States — Estimates that $100 billion worth of investments will enter the Philippines in the next five to 10 years are attainable because these were discussed in the trilateral summit here, President Ferdinand Marcos Jr. said on Friday afternoon.

Marcos explained in a briefing with the Philippine media delegation here that the figures were not merely a promise but an actual target set during the trilateral meeting between the Philippines, the United States (US), and Japan.

“Well, they have already committed to these investments, and the fact that they actually have, we have together identified the areas and the sectors where that investment will go to, it shows that this is not a promise, or it is not just an idea,” the Chief Executive said.

“It is something that we intend to do because it has been put into the agreement. So, I am very confident that this will all materialize and we will feel this in the Philippines,” he added.

The $100 billion figure was given by Philippine Ambassador to the US Jose Manuel Romualdez in a press briefing on Wednesday, a day before the trilateral summit on Thursday.

According to Romualdez, the Philippines can achieve a huge percentage of this number just by getting a share in the US semiconductor industry, which is said to be worth $80 billion just in the Asean region.

READ: $100-B investments seen to flow into PH in 5-10 years – US envoy

Marcos said the ties between the three countries would be key in post-pandemic economic recovery, which he admits that the Philippines is still struggling with.

The wisdom of the trilateral summit, the President said, can be felt in the months and years to come.

“I’m sure you know by now I’m a great believer in coalitions and alliances. So, that is a major step for the Philippines, for the US, and for Japan. And we, I think in the years to come we’ll begin to see the wisdom of it. We’ll start to see, actually not even years, within the year we will start, to begin, to see the wisdom of having that trilateral agreement and why it is a good thing to enter into,” he said.

“So, that’s essentially what we have been doing and we reaffirmed our close relationship with the United States […] But mostly because we, it is, it’s really about development coming out of the pandemic. We’re still struggling to completely do that. So all of these things have come together, and I am very confident that the trilateral agreement will be, there will be [a] big benefit to the Philippines, but also of course, to Japan,” he added.

China investments?

During the same briefing, the President was asked whether these investment pledges and joint projects would have a detrimental effect on China’s investments in the country.

According to Marcos, he believes that it would not matter, as the two are not correlated.

“I don’t see how the two are connected. China will continue whatever investments it chose to make. This is separate from any proposed or potential Chinese investments in the Philippines. How do I see it, how will it affect? I don’t see that it will affect, one way or the other,” he explained.

The trilateral summit comes at a time when tensions over the South China Sea are high, with the Philippine government complaining about China’s aggressive and intrusive actions in the West Philippine Sea, particularly when the Philippine Coast Guard (PCG) assists resupply missions to Ayungin Shoal.

Filipino military troops are stationed in Ayungin Shoal, particularly manning BRP Sierra Madre, a Navy ship that was deliberately run aground there in 1999.

READ: PH vessel sustains ‘heavy damage’ in Chinese coast guard attack

Ayungin Shoal, which sits around 315 kilometers from the tip of Palawan, is well within the 370-kilometer exclusive economic zone of the country.

However, China believes the Philippines is illegally occupying the shoal by having BRP Sierra Madre on it.  Roque said these aggressive actions may have been brought by the Marcos administration not adhering to a gentleman’s agreement.

China also claimed that a former Philippine president promised to remove BRP Sierra Madre from Ayungin, but President Marcos said he was not aware of such a deal.