President Ferdinand Marcos Jr. on Saturday said he secured a $120-million investment contract for the Philippines during his short trip to the Kingdom of Saudi Arabia.
In his arrival speech at Villamor Airbase on Saturday, Marcos said Saudi Arabia expects to invest in the Philippines, making their partnership a “two-way street.”
“It’s time that they bring investments to the Philippines to support their food supply situation and to support the industries that they are going to expand,” the President said.
The country signed multiple Saudi investment deals. Still, the Philippines relies on its labor export background.
Marcos claimed $4.26 billion in deals would help 15,000 Filipinos “in training and employment opportunities across a wide range of professions in the construction industry.”
A $120-million investment in the Philippines will train at least 2,000 Filipinos in construction crafts. Skilled Filipino laborers are sent to the kingdom to work on Saudi projects.
Marcos’s backing of these ventures reflects the Philippines’ long-standing labor export program, which has produced billions in remittances.
Marcos also told Filipinos that he would continue to promote the Philippines as a dynamic economic environment and deepen links with the Arab country on his overseas journeys.
“Let me assure you that we will continue to advance our national interest as we further expand our partnerships abroad,” he said.