Duterte Brings Home $925-M investment deals from Middle East
President Duterte brings back good news from his state visit in Middle East. The Philippines is expected to have almost a billion dollars worth of investments which will generate jobs in the country.
The President’s week-long visit in the Middle East, he witnessed the signing of over US$925 million worth of investment deals coming from Saudi Arabia, Bahrain and Qatari businessmen. The total investments are expected to generate over 26,000 jobs for Filipinos.
During Duterte’s visit in Saudi, he negotiated $469 Million of investments which will generate 16,000 jobs. The projects signed in Saudi Arabia were on businesses, such as Pharmaceuticals, medical tourism, port warehouse management, agriculture and tourism.
According to the Palace, Duterte secured a $250-Million worth of investments in Bahrain.
The last leg of his visit ended in Qatar where he witnessed the signing of $206-Million worth of business deals between Qatari businessmen and Philippine Economic Zone Authority. The deals made are expected to have 5,770 jobs in the Philippines.
The deals generated projects mostly on information technology, economic zone management services, medical tourism, poultry food processing, digital marketing, manufacture of coco peat/coco fiber in South Cotabato, manufacture and export of nano-structured carbon, the creation of an agro-industrial economic zone in Palawan, and the development of a retirement village and tourism eco-zone in Romblon, Davao or Cebu.
According to Trade and Industry Sec. Ramon Lopez all the Deals and Investments are part of the “Dutertenomics”.
Dutertemonics which is said to be the “golden age of Infrastructure”. It is the 10-point Socioeconomic agenda aimed at reducing poverty incidence to 14 percent by 2022 from 21.6 percent in 2015. The agenda lead by the President targets to make the country a middle-income economy after the President’s term.
