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Over 15,000 Filipinos to benefit from PH-Saudi deal worth $120 million - PBBM
Over 15,000 Filipinos to benefit from PH-Saudi deal worth $120 million - PBBM
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Over 15,000 Filipinos to benefit from PH-Saudi deal worth $120 million - PBBM
by Ellicia Del Mundo20 October 2023
Photo courtesy: Presidential Communications Office Facebook page

More than 15,000 Filipinos in the construction industry are expected to benefit from the investment agreement worth over $120 million signed between the Philippines business delegation and Kingdom of Saudi Arabia (KSA) business leaders, President Ferdinand 'Bongbong' Marcos Jr. said on Thursday, October 19.

"With an estimated value of over USD 120 million, the agreements that will be signed today are set to benefit more than 15,000 Filipinos in training and employment opportunities across a wide range of professions in the construction industry,” Marcos said in his speech during a roundtable meeting organized by the KSA Ministry of Investments.

The President assured foreign business leaders that the "Philippines is steadfast in its commitment to continuously support current and prospective Saudi investors."

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Marcos cited some existing laws amended by the government, including the Foreign Investments Act, Retail Trade Liberalization Act, Public Service Act, the Renewable Energy (RE) Act, and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which he said furthered "open up the economy to foreign investment."

"I urge you to further engage with my economic team to learn more about such benefits. We also stand ready to welcome you to our tropical country so you may personally see what a globally competitive Philippines can offer,” the Chief Executive added.

In addition to this, Marcos put forward the Maharlika Investment Fund (MIF) and appealed to KSA business leaders to invest in the MIF.

"At the forefront of these opportunities is the recently launched Maharlika Investment Fund, the Philippines' first-ever sovereign wealth fund, designed to draw long-term economic development through increased investments in high-impact sectors," he said.

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"We look forward benefiting not just from Saudi investments, but also from the Kingdom's extensive experience in managing such funds," the President added.

On early Thursday, Marcos left Manila and flew to KSA to attend the Association of Southeast Asian Nations - Gulf Cooperation Council (ASEAN-GCC) Summit in Riyadh — his first-ever participation since he sat in office in June 2022.

Foreign Affairs Assistant Secretary for ASEAN Affairs Daniel Espiritu earlier said Marcos will also check the Filipino community in the Gulf countries, consisting of Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates (UAE).

The President also has scheduled bilateral meetings with the leaders of Saudi Arabia and Bahrain, according to Espiritu.

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