Marcos economic team to woo Singapore, US investors

The Philippines’ economic managers will embark on investor roadshows on the sidelines of President Marcos’ overseas trips to Singapore and the United States this month to attract more foreign capital.

Finance Secretary Benjamin Diokno told the Inquirer last Friday that American investors, in particular, were interested to pour money into the New Clark City development following a US firm’s recent investment in the sprawling Subic facility left behind by South Korean shipbuilding giant Hanjin in 2019.

“The trips will include events and meetings with potential investors in the Philippines,” Socioeconomic Planning Secretary Arsenio Balisacan said in a text message Saturday.

Diokno said the economic and infrastructure teams’ first overseas roadshow will be held in the island-state of Singapore, which President Marcos will visit on Sept. 6-7.

The next roadshow will be later this month in New York City, following the President’s speaking engagement at the United Nations General Assembly meeting on Sept. 20, Diokno added.

The Finance chief said they were seeing “a lot of interest” among foreign investors in the Philippines.

In the case of American investors, Diokno said the expansion of the former Clark air base was generating more interest after US-based private equity company Cerberus Capital Management invested about P17 billion in its “Project Agila” to redevelop and operate the abandoned shipyard in Subic, a former US naval base.

Cerberus’ takeover of the Subic facility would create 300 additional jobs yearly.

—Ben O. De Vera INQ