PRESIDENT Ferdinand R. Marcos, Jr. believes that the pledges reaped from Malaysian firms is a proof that they are interested to invest in the Philippines.
The President’s state visit yielded up to $285-M worth of investment pledges following his meeting with major Malaysian businessmen together with his economic team.
“The investment commitments that we have received are valued at around $235 million, which is a good indication that there is strong interest from Malaysia to invest in the Philippines,” President Ferdinand R. Marcos, Jr. said.
President Marcos underscored how the Philippine economy continues to grow and recover.
According to the Philippine Statistics Authority (PSA), the Philippines is among the best-performing economies in the region with a 7.6% Gross Domestic Product (GDP) growth in 2022.
This marks the highest GDP growth of the Philippine economy since 1976.
The President also pointed out that the good cooperation between the government and the private sector played a significant role in improving the country’s economic policy.
Meanwhile, Malaysia remains one of the top resources of foreign direct investment in the Philippines.
“Malaysia is still the fourth top source of foreign direct investments in the Philippines…which indicates a strong interest from Malaysia in the Philippines,” President Marcos added.
Farm Fresh Berhad to invest $20-M in the Philippines
President Marcos also met with representatives of the dairy company, Farm Fresh Berhad.
The said company will invest $20-M and is looking for 200 to 400 hectares of land for lease to start their business in the Philippines.
President Marcos, meanwhile, welcomed the idea of large-scale cattle raising in the country for milk production.
“In the Philippines, when you talk about the livestock, we talk about [hog] and chicken, we don’t talk about cattle. Maybe it’s time to introduce it to the market. We are here to see what we can do to make the project successful,” according to President Marcos.
Farm Fresh plans to raise around 2,000 milking cows in the Philippines, with Batangas and Laguna as possible locations as said by farm fresh officials.
The company also aims to start its business operations in 2028 where about 200 jobs will be opened for Filipinos.
Farm Fresh is currently constructing a 6,000-square-meter dairy processing facility in San Simon, Pampanga for fresh milk production.
The construction cost is estimated at $5-M, and the company aims to start its operation this year and will employ around 50 Filipino workers.
