Marcos bags $4.2b investment deals

Malacanang on Friday announced that the Philippines has secured $4.26 billion worth of investments from four agreements in Saudi Arabia.

President Ferdinand Marcos Jr., who is in Riyadh to attend the ASEAN-GCC Summit there, said the agreements were reached at a meeting with Saudi business leaders a day before the summit began.

Topping the four agreements is the $3.76 billion deal between Al-Jeer Human Resources Co. (ARCO) and the Association of Philippine Licensed Agencies for the Kingdom of Saudi Arabia to cooperate to employ Filipino workers in the kingdom.

Al Rushaid Petroleum Investment Co. and Samsung Engineering NEC Co. Ltd., meanwhile, reached a $120 million agreement with EEI Corp. for the establishment of a 500-person training facility in Tanza, Cavite, Philippines.

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.

Maharah Human Resources Co. of Saudi Arabia reached separate agreements with Filipino firms Staffhouse International Resources Corp. and E-GMP International Corp., each valued at an estimated $191 million.

Both agreements seek to bring thousands of Filipino workers to the Kingdom to meet its growing demand for labor.

President Marcos said his meeting with Saudi business leaders comes at a time when the Philippine economy is on a “high growth trajectory.”

“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.

President Marcos said he is looking forward to building “greater and closer” partnerships with Saudi Arabia, given that it is home to “the largest population of overseas Filipinos in the world.”

Saudi Arabia is home to about 1 million overseas Filipino workers (OFWs), as well as the largest community of Filipino professionals in such industries as engineering, architecture, and health care.

The President invited Saudi business leaders to visit the Philippines and see for