President Marcos, who has embarked on 16 foreign trips since June 2022, has defended his frequent trips abroad, saying the Philippines needed a lot of investments to boost the country’s economy after the pandemic.
His statement came after the Bangko Sentral ng Pilipinas said foreign direct investments fell by 20.4 percent to $3.91 billion in the first half of 2023 compared to the $4.91 billion in the same period last year.
Mr. Marcos’ latest trip was to Singapore for the 10th Asia Summit.
In his second State of the Nation Address, Mr. Marcos said his trips abroad have generated P3.9 trillion in investment pledges that could potentially generate 175,000 jobs.
Trade Secretary Alfredo Pascual said a total of $88 million or around P4.8 billion in foreign investments had so far “materialized” from the many pledges made by governments and businessmen in those trips.