Metro Manila, Philippines — President Ferdinand Marcos Jr.’s state visits have generated $23.6 billion in investment pledges, the Department of Trade and Industry (DTI) reported on Friday.
The pledges were made during his visits to Indonesia, Singapore, United States, Cambodia, and Thailand this year.
According to DTI’s year-end report, the numbers show that the administration is “aggressively” attracting more foreign businesses to come to the Philippines.
The recent report excludes Marcos’ Belgium trip, where officials said he lured around ₱9.8 billion worth of investment pledges.
Marcos is set to visit China in early January 2023.
During his press briefings, the President has been vocal in his call to continue oil and gas exploration in West Philippine Sea (WPS) amid the territorial dispute with China.
In 2016, an international arbitral tribunal invalidated China’s expansive territorial claims in the South China Sea and largely ruled in favor of the Philippines in areas in the WPS that are being contested by Beijing.
The ruling made it clear that China’s claims — including its nine-dash line, recent land reclamation activities, and other activities — were unlawful.
China, however, refused to recognize the decision, labelling it as “null and void.”
