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$285 M investments for Ph-Malaysia
By Nidz Godino
"I'm talking at very least tens of thousands if not more than hundred thousand jobs here, especially during construction phase…but then hopefully even during operational phase upstream and downstream jobs will also increase and we'll maintain that job employment rate," President Ferdinand Marcos Jr. told Filipino journalists who covered his state visit he was expected to arrive in Manila last night.
Philippines has reaped investment pledges of at least $285 million from Malaysian companies, expected to generate tens of thousands of jobs for Filipinos, President Marcos said as he capped his three-day state visit.
FMJ said Malaysian business leaders have expressed keen interest in investing in food processing industry, multi-service digital platforms, aviation and aviation maintenance support services, logistics, manufacturing, infrastructure, and water and wastewater treatment in the Philippines.
At roundtable meeting with Malaysian business leaders at EQ Hotel FMJ emphasized Philippines has shown healthy signs of economic recovery amid global challenges brought about by COVID-19 pandemic as he noted country's 7.6 gross domestic product (GDP) growth last year.
Philippines, he said, is one of the best performing economies in Asia-Pacific region.
"For the first quarter of this year,.. Philippines outperformed its peers in the region by posting GDP growth of 6.4 percent, that is first quarter, which is within country's six to seven percent target for the year," FMJs said.
"Reason that we put such emphasis on growth figures is that as all countries have gone into debt, higher rate of debt-to-GDP because of pandemic and costs of pandemic response… for all countries... our fundamental theory that we should grow out of that debt," he said.
Chief Executive assured Malaysian investors his administration continues to seek ways to ensure conducive business environment for foreign investors citing policies made to simplify procedures and shorten processing periods to ensure ease of doing business in the Philippines.
"Investments that we have agreed on so far will inject total of about $285 million, serving as robust and affirmative indication of ongoing trust and keen interest of businesses and investors in the Philippines,..we have made our system of corporate taxation more business-friendly with lowered tax rate and improved mechanism for tax and incentives…we continue to seek ways to facilitate and expedite investments" FMJ said.
Trade Secretary Alfredo Pascual expects five letters of intent ,LOIs signed by Malaysian companies to materialize in coming months.
"It is important to understand, however, that investments are typically long-term commitments rather than immediate action…often require careful study, planning, and legal processes before they can materialize…we at DTI remain committed to assisting them in pursuing their investment plans," he said.
FMJ recently launched Green Lanes for Strategic Investments to significantly enhance foreign direct investments in the Philippines.
"We have recently established what we refer to as green lanes for strategic investments as means to establish whole-of-government approach to facilitate at highest level of government critical investments necessary for development and competitiveness of our economy, we have created these green lanes to facilitate prospective investors in going through process, going through documentary requirements," he said.
FMJ said Philippines received separate $3 billion investment pledge for railway project in the Philippines. He did not elaborate.
Speaker Martin Romualdez, who joined President's state visit, learned during private dinner Manuel V. Pangilinan-led infrastructure conglomerate Metro Pacific Investments Corp. or MPIC has entered into an agreement with Malaysian group for railway project in the Philippines. He did not name Malaysian group.
"President's presence in KL hastened progress of this agreement," he said at press conference with President at EQ Hotel.
FMJ stressed member-states of Association of Southeast Asian Nations, specifically Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area or BIMP-EAGA, have committed to increase physical connectivity such as roads and railways to boost economic activities in the region.
FMJ also met officials of Malaysian dairy company Farm Fresh Berhad, which committed to invest $20 million for cattle breeding intended for milk production in the Philippines.
Company is currently looking for 200 hectares to 400 hectares of contiguous farmland to lease to raise 2,000 milking cows.
Farm Fresh executives told FMJ they are considering Batangas and Laguna, specifically, University of Philippines-Los Baños campus in Famy, as possible locations.
Farm Fresh aims to commence its operations by 2028 with an estimated employment of 200 local workers.
Company has 6,000-square meter dairy processing facility in San Simon, Pampanga, under construction.
$5-million facility is slated to be operational this year, with an estimated employment of 50 local workers.
In statement, Go Negosyo founder Joey Concepcion said two private sector groups representing Malaysia and Philippines signed memorandum of understanding (MOU) to explore joint efforts in agriculture development, focusing on palm oil, rubber and other agricultural commodities that may thrive in both countries.
MOU was signed on behalf of ASEAN Business Advisory Council Malaysia and ASEAN BAC Philippines by their respective chairs, Tan Sri Nazir Razak and Concepcion during President Marcos' visit.
According to Go Negosyo, initiative will aim to replicate agriculture model similar to Kapatid Angat Lahat sa Agri Program (KALAP) to achieve inclusive and sustainable agriculture through integration of small farmers into value chain of large companies, and allowing them to benefit from transfer of technologies and economies of scale.
KALAP is an initiative of Go Negosyo to promote entrepreneurship and advocate sustainable development of Filipino MSMEs.
"Public-private partnerships are essential as we move toward regional economic integration and make our agriculture industries productive and competitive," Concepcion said.
"We have already several of these big-brother models in the Philippines covering prime commodities like tobacco, coconut and rice, with large Philippine companies like Universal Leaf, Lionheart Farms and Yovel East successfully implementing their inclusive models in communities where they operate," he added.
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