SPEAKER Ferdinand Martin G. Romualdez today congratulated President Ferdinand R. Marcos, Jr. for securing four landmark agreements between Saudi firms and Filipino companies worth around US $4.26 billion and expected to generate more than 15,000 employment opportunities for Filipinos.
President Marcos witnessed the signing of the four agreements towards the culmination of his roundtable meeting with Saudi business leaders Thursday afternoon (Saudi time) at the Regis Hotel in Riyadh on the sidelines of his participation in the Association of Southeast Asian Nations (ASEAN)-Gulf Cooperation Council Summit hosted by the Kingdom of Saudi Arabia.
At around P241 billion in the current exchange rate, the value of the signed agreements is more than half of the P427 billion in approved foreign investments to the Philippines from January to September this year, which the Bureau of Investments said were generated by the President’s foreign trips.
“The signing of these agreements which promises a far-reaching impact on the Philippine economy and on the lives of our workers is a monumental achievement of Pres. Marcos,” said Romualdez, leader of the 300-plus strong House of Representatives.
“This is the fruit of his tireless efforts in fostering economic ties with our partners in the international community and exemplifies his commitment to securing a brighter future for the Filipino people in line with his vision for a prosperous and globally competitive Philippines,” Romualdez added.
Following a bilateral meeting with Saudi Crown Prince and Prime Minister Mohammed bin Salman (MBS) in November 2022 on the sidelines of the Asia Pacific Economic Cooperation (APEC) Summit in Thailand, President Marcos, Jr. announced more job opportunities await Filipinos in Saudi.
He said the Saudi Crown Prince told him about Saudi Arabia’s plan to hire more foreign workers in the coming years with the coming building boom in the Middle Eastern kingdom.
Topping the four agreements is the US $3.765 billion deal between Al-Jeer Human Resources Company (ARCO) and the Association of Philippine Licensed Agencies for the Kingdom of Saudi Arabia to cooperate in terms of investments that would employ Filipino workforce in the kingdom.
Also signed during the event is the agreement between Al Rushaid Petroleum Investment Company and Samsung Engineering NEC Co. Ltd., on the one hand, and Filipino firm EEI Corporation valued at US $120 million for the establishment of a 500-person training facility in the Tanza, Cavite, Philippines.
Meant to upgrade Filipino labor skills in masonry, carpentry, electrical, welding, equipment management, warehousing, steel fabrication, and other construction-related crafts, it aims to train at least 2,000 Filipinos starting in 2024 and more than 15,000 in the next 5 years.
Likewise signed were two separate agreements between Maharah Human Resources Company of Saudi and Filipino firms Staffhouse International Resources Corporation and E-GMP International Corporation, each valued at an estimated US $191 million.
Both agreements seek to onboard thousands of Filipino workers to the Kingdom to meet its growing demand for labor.
“In a time when job creation and economic growth are paramount, this achievement will provide invaluable opportunities for our workforce, particularly for our overseas Filipino workers,” Romualdez said.
Romualdez also acknowledged the invaluable contribution of other government officials and business leaders, who tirelessly negotiated and worked to forge the agreements signed with Saudi firms.
“As these agreements come to fruition, the House of Representatives will remain steadfast in its support of the administration’s initiatives to ensure that the benefits are felt by all Filipinos,” Romualdez said.
He reiterated the commitment of the House to enact any necessary legislation and provide oversight to ensure the successful implementation of these agreements and attract more foreign investments that would bolster the administration’s efforts to secure a better life for all Filipinos.
