MANILA: The Philippines secured about US$235 million worth of investment pledges from Malaysia’s business sector, said President Ferdinand Marcos Jr. on Thursday.
“The investment commitments that we have received thus far are valued at around US$235 million, which is a good indication that there is a strong interest from Malaysia to invest in the Philippines,“ the Philippine News Agency (PNA) quoted Marcos as saying during a Philippine Business Forum in Kuala Lumpur.
Marcos expressed elation over the “very interesting” engagements with Malaysian companies and business leaders which could provide mutual benefit outcomes for the private sector from both countries.
“At present, Malaysian investments already provide a valuable contribution to the Philippines and its economic development, particularly in terms of the administration’s food security, in terms of infrastructure development, job generation for our Filipinos,” said Marcos, who is in his inaugural three-day state visit to Malaysia.
“It’s time that with the new transformation, this provides many new opportunities and that will give us the chance to increase that level of trade that we have been achieving over the past many years,” he added.
Marcos assured the Malaysian business community that the Philippines is showing “healthy signs of recovery” from the economic downturn brought about by the pandemic.
Marcos hoped that the two nations would explore the immense potential to achieve breakthrough growth and greater productivity, higher savings rate and increased creativity.
“I look forward to the Malaysian business community coming to the Philippines and working together with their Filipino counterparts,” Marcos said.
Malaysia is ranked as the Philippines’ 10th trading partner and 22nd source of approved investments in 2022. It also ranks 20th in terms of source of tourist arrivals in 2023.
On another note, Communications Secretary Cheloy Garafil in a statement said Malaysian dairy firm Farm Fresh Berhad is working with the Philippine government for its planned investment of US$20 million for cattle breeding intended for milk production.
Garafil said Farm Fresh is currently looking for a viable area with a land requirement of 200 to 400 hectares of contiguous farmland to lease to raise 2,000 milking cows.
Garafil further noted that Farm Fresh’s investment will set up processing facilities for imported milk ingredients from Kyabram facility (in Australia) and will focus on the chilled ready-to-drink market initially in Metro Manila.
A fully vertically integrated dairy producer operating across Malaysia and Australia, Farm Fresh is currently in the process of registering with the Board of Investment. Its Philippine subsidiary is Farm Fresh Milk Inc.
Farm Fresh operates five dairy farms in Malaysia and one in Australia. It also maintains two processing facilities in Malaysia and one in Australia. -Bernama