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Malacanang on Friday announced that the Philippines has secured $4.26 billion worth of investments from four agreements in Saudi Arabia.
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 five years. “Our economy has sustained its growth momentum, with gross domestic product at 7.6 percent in the last year, the fastest rate of growth recorded by the Philippines since 1976,” the President said.
Speaker Martin Romualdez on Friday congratulated the President for securing the four landmark agreements. Saudi Ministry of Investment Minister Khalid Al-Falih said Saudi investors are also eager to learn from the Philippines’ experience in financial management, and are particularly interested in the MIF.
President Marcos said the government is committed to pushing forward with the implementation of the MIF. Finance Secretary Benjamin Diokno also encouraged business leaders in Saudi Arabia to consider the investment opportunities in the MIF and Islamic finance in the Philippines. Investments in the fund will be used to speed up the implementation of the Philippines’ 197 high-impact infrastructure flagship projects worth about $153 billion.
As of March 31, 2023, there are 217 cities and municipalities in Mindanao that have no banks, Diokno said, which presents an opportunity for investors to tap into this market while closing the financial inclusion gap.
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