HOUSE leaders hailed the more than $1 billion in investment commitments from the first-ever United States presidential trade and investment mission to the Philippines as a vote of trust and confidence in the administration of President Ferdinand “Bongbong” R. Marcos Jr.
During Tuesday’s press conference at the House of Representatives, they noted that the investment pledges from American companies joining the trade mission organized by U.S. President Joe Biden serve as solid proof that President Marcos’ efforts to attract foreign investors during his trips abroad are yielding results.
These efforts, they said, will gain momentum if the country opens up the economy to more foreign investments by amending the restrictive economic provisions of the 1987 Constitution.
Senior Deputy Speaker and Pampanga 3rd District Rep. Aurelio “Dong” Gonzales Jr. commended President Marcos for his remarkable ability to attract foreign investment to the Philippines.
Best salesman
“Our president is like the best salesman of our country,” Gonzales said, emphasizing that President Marcos consistently puts in the effort whether it’s a state visit, an official visit, or any opportunity where he engages investors worldwide.
Gonzales is optimistic that if Congress succeeds in removing constitutional barriers and warmly welcomes foreign investors, the President will be able to attract even more foreign investments.
“That’s why I believe that if we open up these economic provisions, a lot of investors will truly consider investing in our country,” Gonzales said.
Deputy Majority Leader and PBA Partylist Rep. Margarita “Atty. Migs” Nograles pointed out that the growing interest of foreign investors in the Philippines was a result of successful state visits by the President, which are now yielding positive results.
“The fact that they (foreign investors) want to invest is actually such a good feat na for us. Nakikita natin may bunga itong state visits na ginagawa ni Presidente. Nakikita nila ‘yun, nag-o-open up tayo, nakikita ‘yung capacity natin, capabilities natin and that we are worth investing,” Nograles said.
According to Assistant Majority Leader and Lanao del Sur 1st District Rep. Zia Alonto Adiong, the investment pledges from American companies signify a growing trust in both the governance of the Philippines and its foreign policy architect, President Marcos.
“It’s about a foreign country deepening trust not only the way we handle things here in the country but the person who sits as the architect of our foreign policies,” Adiong said.
Adiong noted that since assuming office, President Marcos has made unity a cornerstone of his administration’s approach, aiming to strengthen relationships both domestically and internationally.
This strategic vision, he said, not only enhances the Philippines’ standing on the global stage but also creates an environment conducive to foreign investment.
“It would appear na ang Pilipinas is not only ready for any investment but is actually fertile for any foreign [capital] to come in,” he said.
Significance of investment pledges
For his part, Quezon City 5th District Rep. Patrick Michael Vargas underscored the significance of the investment pledges in bolstering trust in the country’s economic potential.
“The U.S. is one of the leading economies in the world. And
in any business, number one ang trust,” Vargas pointed out.
“Napakaganda ng development na ito kasi kung isa sa mga pinakamalalaki at successful na economy sa
mundo ay magtitiwala sa Pilipinas, it just shows that the international community respects and gives trust to the efforts of President Bongbong Marcos,” he added.
During an official visit to Manila, U.S. Commerce Secretary Gina Raimondo announced that American companies will invest more than $1 billion in the Philippines.
Raimondo led a two-day trade and investment mission, the first of its kind for the Philippines. The delegation includes executives from 22 companies including United Airlines, Google, Visa, KKR Asia Pacific and Microsoft.
