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PBBM foreign trips pay off as $14.2-B pledges now working
MANILA – Around USD14.2 billion worth of investment commitments from President Ferdinand R. Marcos Jr.’s foreign trips in the past 16 months have begun turning up as of December 2023, the Department of Trade and Industry (DTI) reported Sunday.
DTI said the investments came from 46 projects that are already operating or have registered with investment promotion agencies.
“Our dedication to turning investment pledges into reality is unwavering. We also leverage each presidential visit as a springboard for building up a pipeline of investment opportunities and making the Philippines as investment destination of choice,” Trade Secretary Alfredo Pascual said in a statement.
DTI noted that 16 of the projects are in the manufacturing sector, 10 are information technology and business process management (ITBPM) projects, and nine are renewable energy.
Japan and the United States are the largest sources of the investments, with 21 and 13 projects, respectively.
“Foreign investors are still conducting pre-implementation and planning activities in their respective countries for the remaining 102 projects involving USD58 billion investment pledges,” the DTI said.
The DTI added that its establishment of the One-Stop Action Center for Strategic Investments (OSAC-SI) helped accelerate the investments of foreign pledges.
OSAC-SI issues endorsement for green lane treatment to investments with a big impact on the economy, domestic industries and employment.
With the endorsement, all national government agencies and local government units have to facilitate and fast-track the processes of business permitting, licensing, and other documents related to their investments in the country.
DTI said the OSAC-SI has granted green lane certification to 41 projects, 20 of which submitted their investment commitments during the foreign trips of Marcos. (PNA)
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ASEAN urges UNSC for ‘efficient, non-selective’ upholding of int'l law
MANILA – The United Nations Security Council (UNSC) must act in an “efficient” and “non-selective” manner in the upholding and application of international law, said the Association of Southeast Asian Nations (ASEAN).
Before a UNSC-led open debate Monday, the ASEAN pointed out that rule of law is being challenged “on almost all fronts," further highlighting the urgent need to uphold international law, including the UN Charter and the UN Convention on the Law of the Sea (UNCLOS).
“[A]SEAN underscores the importance of the Security Council acting in an efficient, consistent, transparent, and non-selective manner, particularly in the application of international law, in order to uphold its credibility and effectively safeguard international peace and security,” the ASEAN statement delivered by Philippine Permanent Representative to the UN, Enrique Manalo read.
The bloc noted that the UN Charter, including the principles of sovereign equality of States and respect for sovereignty and territorial integrity, remain as “indispensable foundation” of global peace and prosperity.
UN Secretary-General Antonio Guterres, in the same event, had flagged flagrant violations of the UN Charter and international law, saying “the rule of law is being replaced by the law of the jungle” around the world.
Citing Gaza and Ukraine as examples, Guterres said the rule of law is being treated as “an à la carte menu,” with states choosing which rules to follow.
The UN chief said violations to international law set dangerous precedents, and encourage other countries “to do what they want, instead of what they are required to do under international law.”
“They breed mistrust and division among nations. And they undermine people’s faith in our ability to find solutions together,” he said.
“Eight decades after this multilateral system was created, we need to get back on track. And this Council must lead the way,” he added.
The UNSC open debate was convened in New York and comes as the UN marks 80 years since the adoption of its founding Charter, which codifies major principles of international relations to prevent conflicts and reduce suffering. (PNA)
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