RIYADH, Oct 21, (Agencies): In a momentous development, the Philippines has secured investment agreements totaling $4.26 billion during President Ferdinand Marcos Jr.'s visit to Saudi Arabia. These agreements, inked during a high-level meeting with Saudi business leaders in Riyadh, promise to deepen economic ties between the two nations.

The most significant among these agreements is a groundbreaking $3.7 billion deal between Al-Jeer Human Resources Co. (ARCO) and the Association of Philippine Licensed Agencies for the Kingdom of Saudi Arabia. This landmark accord aims to create over 200,000 jobs, aligning seamlessly with Saudi Arabia's transformative Vision 2030. Another pivotal deal involves Al Rushaid Petroleum Investment Co. and Samsung Engineering NEC Co. Ltd., partnering with Filipino firm EEI Corp. to establish a cutting-edge $120 million training facility in Tanza, Cavite.

This facility will provide a diverse range of courses, including masonry, carpentry, electrical work, welding, equipment management, warehousing, steel fabrication, and other construction-related crafts. The goal is to train a minimum of 2,000 Filipinos by 2024, with numbers exceeding 15,000 over the next five years. Furthermore, two separate agreements between Maharah Human Resources Co. of Saudi Arabia and Filipino firms Staffhouse International Resources Corp. and E-GMP International Corp., valued at approximately $191 million each, are set to facilitate the annual employment of 10,000 Filipino workers in Saudi Arabia until 2030.

During the roundtable meeting, President Marcos announced $120 million worth of deals to be signed between the Philippines and Saudi Arabia, offering substantial economic benefits to over 15,000 Filipinos through employment and training in various construction-related professions. The President expressed his optimism, highlighting the Philippine economy's remarkable growth trajectory, with a 7.6% GDP increase in 2022, the highest since 1976. He also emphasized the country's robust financial and banking sectors and its credit rating's stability, which continues to attract foreign investors.

The government remains committed to supporting Saudi investors, as the President aims to foster closer partnerships between the Philippines and Saudi Arabia, focusing on various sectors beyond labor, including telecommunications, healthcare, energy, and agriculture. This commitment aligns with legislative acts such as the Foreign Investments Act, Retail Trade Liberalization Act, Public Services Act, and the Renewable Energy Act, designed to attract foreign investments.

The Corporate Recovery and Tax Incentives for Enterprises Act further offers fiscal incentives to foreign investors. Finance Secretary Benjamin Diokno highlighted government initiatives, including attracting equity investments, co-financing, infrastructure projects, and investments in emerging trends like digitalization, ESG, and healthcare. Infrastructure projects totaling approximately $153 billion will significantly impact various sectors, from water resources to digital connectivity and agriculture. Finance Secretary Diokno also underlined the importance of the Maharlika Investment Corp., with its authorized capital stock valued at $8.8 billion, ensuring transparency and accountability.

Speaker Ferdinand Martin Romualdez lauded the agreements for their far-reaching impact on the Philippine economy and workers' lives. President Marcos attended the Association of Southeast Asian Nations-Gulf Cooperation Council (ASEAN-GCC) Summit, aimed at advancing mutual interests in energy security, food stability, and economic cooperation. Saudi investors expressed keen interest in the Philippines' Maharlika Investment Fund, demonstrating the positive impact of the President's visit.

In conclusion, President Marcos encouraged Saudi businessmen to invest in the Maharlika Investment Fund, fostering infrastructure projects and international partnerships. The government remains steadfast in making the fund operational by the year-end, marking a significant chapter in economic cooperation. President Marcos is expected to return to the Philippines on Saturday afternoon.