Marcos Singapore Visit Yields USD6.5-B Investments

The two-day state visit of President Ferdinand “Bongbong” Marcos Jr. to Singapore will bring in USD6.54 billion or PHP374.57 billion worth of investment deals.

This comes after multiple letters of intent to invest were signed during Marcos’ two-day trip.

According to Malacañang, the letters of intent to invest will bring about 15,000 jobs to the country.

Moreover, the Singaporean investments are spearheaded by an electronic tricycle investment worth USD5 billion.

Malacañang added that the investment would also help in the country’s aim to lessen air pollution.

“This investment in the transportation sector is seen to lessen air pollution emitted by an estimated 3.5 million tricycles nationwide,” Malacañang said.

Another investment focusing on renewable energy is second on the list of investments, with a USD1.2 billion investment in floating solar technology.

Press Secretary Trixie Cruz-Angeles said that the top two investment aligns with the country’s climate change program.

Moreover, other investments focused on renewable energy include marine renewable energy and electric boats.

Meanwhile, there will also be investments in the Information Technology (IT) and creative industry, as a data center valued at USD200 million will be set up in the country. (GFB)