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(Eagle News)– Business leaders in the Kingdom of Saudi Arabia have pledged more than $4.26 billion in investments in the Philippines, the Presidential Communications Office said.
According to the PCO, the companies made the pledge on the sidelines of the Association of Southeast Asian Nations-Gulf Cooperation Council (ASEAN-GCC) Summit in Riyadh attended by President Bongbong Marcos.
Of the $4.26 billion investment pledge, the PCO said $120 million will be for the construction of a capacity training facility.
The President said that more than 15,000 Filipino people will benefit from the construction agreement “in training and employment opportunities across a wide range of professions in the construction industry.”
A pledge for a human resource services agreement worth $3.7 billion, and another for $191 million each to two Philippine companies was also made, according to the Department of Trade and Industry.
The agency said that more than 200,000 Filipinos are expected to gain employment with the services sector commitments.
“To our current and future business partners, I hope that this meeting has served as an excellent platform for building greater and closer partnerships between the Philippines and the Kingdom of Saudi Arabia,” the President said.
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