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#SONA2023: 'Economic missions' abroad may create 175,000 jobs

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Benise Balaoing, ABS-CBN News

MANILA -- President Ferdinand Marcos Jr. said economic missions undertaken by Philippine government officials abroad can create about 175,000 new jobs for Filipinos. In his second State of the Nation Address (SONA), the president said officials went on foreign trips to forge new alliances and partnerships, boosting trade and investment in the Philippines.&quot;We have embarked on foreign trips to promote the interest of the country for peacebuilding and for mutually beneficial purposes. These economic missions have yielded an estimated total investment value of P3.9 trillion or $71 billion with the potential to generate 175,000 jobs,&quot; he said. Marcos said his government will continue to work to create more jobs for Filipinos. Unemployment dipped to 4.3 percent in May, the second lowest rate seen since April 2005.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/07/23/ph-jobless-rate-falls-further-to-43-percent-in-may">PH Jobless rate falls further to 4.3 percent in May</a></li></ul>Marcos also said investment projects approved by the Board of Investments have reached P1.2 trillion during his first year in office, while other strategic investments approved for processing through the newly-established green lanes amount now to P230 billion.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/13/23/ph-launches-green-lanes-for-strategic-investments">PH launches &#x27;green lanes&#x27; for strategic investments</a></li></ul>&quot;We will continue to forge more of these international partnerships that will lead to a more balanced trade strategy and a healthier economic position,&quot; he said. The Philippines booked $876 million in foreign direct investment (FDI) net inflows in April.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/10/23/fdi-net-inflows-dip-141-percent-to-876-m-in-april">FDI net inflows dip 14.1 percent to $876-M in April</a></li></ul>The chief executive also said the Philippines must capitalize on its strengths by nurturing the growth of the information technology-business process management (IT-BPM) and tourism sectors. Marcos noted that the Philippines is a &quot;service export powerhouse.&quot;&quot;As we address our weaknesses and develop competitiveness in other potential areas, we must also play to our strengths. Our competitive advantage must be leveraged,&quot; he said.Marcos has undertaken <a href="https://news.abs-cbn.com/pbbm-trips">13 travels abroad </a>during his first year in office. He was featured on the long-running American game show &quot;<a href="https://news.abs-cbn.com/entertainment/02/22/23/marcos-featured-in-jeopardy-as-president-with-so-many-foreign-trips">Jeopardy</a>!&quot; as a president with &quot;so many foreign trips.&quot;<figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2732631" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

President Ferdinand Marcos Jr. said economic missions undertaken by Philippine government officials abroad can create about 175,000 new jobs for Filipinos. 

#SONA2023: 'Economic missions' abroad may create 175,000 jobs

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#SONA2023: 'Economic missions' abroad may create 175,000 jobs

Benise Balaoing,

ABS-CBN News

Published Jul 24, 2023 06:36 PM PHT

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Updated Jul 24, 2023 06:42 PM PHT

Read More:

Marcos Jr Presidency

SONA 2023

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bongbong marcos

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