$285-M PLEDGES. Department of Trade and Industry (DTI) Secretary Alfredo Pascual (left) and President Ferdinand R. Marcos Jr. (right) chat on the sidelines of the roundtable meeting with Malaysian businessmen at EQ Kuala Lumpur Hotel on July 27, 2023. The Presidential State Visit from July 25 to 27 generated a total of USD285 million in investment pledges. (Courtesy of DTI)
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual said the Philippines has received five letters of intent (LOI) from Malaysian businesses during the state visit of President Ferdinand R. Marcos Jr. to the Association of Southeast Asian Nations (ASEAN) country, which can generate over 8,000 jobs.
In a statement Thursday, Pascual said these investment pledges are related to food processing, multi-service digital platforms, aviation, aviation maintenance support service, logistics, manufacturing, infrastructure, and water and wastewater treatment.
“We expect that these will greatly contribute to our pursuit of economic recovery and expansion in the form of 8,365 estimated jobs to be created," he added.
Earlier, Malacañan Palace reported that Marcos bagged USD285 million worth of investment pledges during his official trip to Malaysia from July 25 to 27.
“We are optimistic that these signed LOIs will materialize in the coming months. It is important to understand, however, that investments are typically long-term commitments rather than immediate action. These often require careful study, planning, and legal processes before they can materialize. We at the DTI remain committed to assisting them in pursuing their investment plans,” the DTI chief said.
One of the LOIs received by the country is from Malaysian dairy company Farm Fresh Bhd., which is expected to pour in additional USD20 million for its cattle breeding project for milk production.
The DTI said the fresh investment will be for another 200 to 400 hectares of land either in Batangas or Laguna, set to be operational by 2028 with an estimated employment of 200.
Before the announcement, Farm Fresh had an ongoing construction of a 6,000-square-meter dairy processing facility in Pampanga.
“With strong partnerships, I see many opportunities for Malaysia and the Philippines to further strengthen our ties in trade and investment,” Pascual said.
Malaysia had been the Philippines’ 10th largest trading partner since 2022.
In the same year, foreign direct investments from the neighboring country surged by 505 percent from the 2021 level. (PNA)
