FROM A P671-million travel budget this year, President Ferdinand R. Marcos, Jr. is getting P1.15 billion to fund his travels expenses next year, raising questions on what foreign trips he has lined up.
Party-list Rep. Raoul Danniel A. Manuel pointed out that the President had included in his travel agenda as two visits to Singapore to attend the F1 races last October and this month.
This year, Mr. Marcos has spent P480 million on travels as of Sept. 2023.
Mr. Manuel asked that, with double the travel expenses budget, would Mr. Marcos be doubling his entourage or take up on another “invitation” to the F1 Grand Prix.
In response, Mr. Tulfo said the Chief Executive’s overseas travels were to entice more foreign investors into the country.
However, the Bangko Sentral ng Pilipinas (BSP) reported last week that net inflows of foreign direct investments (FDI) declined 3.9% year on year to $484 million in June.
This was the lowest net inflow since the $465 million recorded in January. In the first half of the year, FDI net inflows dropped 20.4% to $3.9 billion. — Beatriz Marie D. Cruz
