Marcos’ Malaysia trip yields $285 million in investment pledges

PRESIDENT Ferdinand R. Marcos, Jr.’s three-day visit to Malaysia has yielded $285 million in investment pledges, the presidential palace said on Thursday.

The pledges cover various sectors, including the food processing industry, multi-service digital platforms, aviation, logistics, manufacturing, infrastructure and water, it said.

In a meeting with Malaysia-based businessmen, Mr. Marcos Jr. touted the country’s macroeconomic fundamentals, including 6.4% economic growth in the first quarter, which is within the government’s 6 to 7% goal for the year.

“The reason that we put such emphasis on the growth figures is that as all the countries have gone into debt, a higher rate of debt-to-gross domestic product (GDP), because of the pandemic and the costs of the pandemic response for all the countries,” he said. “It is our fundamental theory that we should grow out of that debt.”

Under the medium-term fiscal framework, the government aims to cut the debt-to-GDP ratio to less than 60% by 2025, and further to 51.5% by 2028.

Separately, the Trade department said five companies had signed letters of intent during the Philippine delegation’s one-on-one meetings with Malaysian businessmen.

One of the companies is dairy company Farm Fresh Berhad, which is seeking to expand in the Philippines through a $20-million cattle breeding project.

The company is expected to start operations for the project by 2028, with an estimated employment of 200 local workers, the Trade department said.

“Further, the company has an ongoing construction of a 6,000-square meter dairy processing facility in Pampanga and a lease of 200 to 400 hectares of contiguous farmland intended to raise 2,000 milking cows,” it added. — KATA