Marcos Jr. highlights upcoming ASEAN turnover to Singapore, foreign investment gains after SG visit
President Ferdinand R. Marcos Jr. on Monday morning highlighted the country’s upcoming handover of the ASEAN chairmanship to Singapore following his bilateral talks with Singaporean Prime Minister Lawrence Wong during his working visit.
With the Philippines’ term as ASEAN Chair coming to a close, the country is preparing to hand over chairmanship duties to Singapore next month. Marcos expressed satisfaction over his diplomatic discussions with Prime Minister Wong regarding continuity in regional priorities.
“I look forward to meeting the Prime Minister again at the 49th ASEAN Summit and related summits in Manila this November,” Marcos stated, noting that Singapore remains one of the Philippines’ primary economic partners.
The President also emphasized the country’s firm position on its maritime rights and regional security during his address at the 24th Forbes Global CEO Conference before roughly 470 business leaders, chief executive officers, and policymakers.
“I also emphasized our national resolve to fight corruption, strengthen digital safeguards, build strong international economic ties, firmly protect our sovereignty, sovereign rights, and jurisdiction in the West Philippine Sea, and contribute to regional peace and stability,” Marcos said.
Beside diplomatic discussions, Marcos reported securing major private sector commitments, meeting with executives from several multinational firms including FedEx, Mitsubishi Corporation, and Vena Energy.
He noted that discussions focused on growing Philippine exports and easing business processes “through tax incentives, digital reforms, and major infrastructure commitments, such as the $20 billion Luzon Economic Corridor.” He also highlighted the country’s young, tech-savvy workforce as key to moving into research and development and leading regional digital cooperation.
According to Marcos, FedEx is expanding its Clark Gateway Hub in Pampanga, which is scheduled to open in the fourth quarter of 2028. The expansion is expected to “increase capacity for international air freight and specialized cargo, assisting micro, small, and medium enterprises in accessing global markets.”
In terms of capital investments, Mitsubishi Corporation is set to make a $700 million investment in Ayala Corporation, which Marcos noted is “expected to be among the largest foreign equity investments in the country in recent years.”
Additionally, Vena Energy plans to construct an additional 1.29-gigawatt capacity supported by a $52 billion equity infusion over the next two years. This project comes on top of its current 887-megawatt operational capacity and approximately 1.26 gigawatts under construction.
Marcos stated that these energy developments align with national targets to achieve a 35% renewable energy share in power generation by 2030 and 50% by 2040.
As part of long-term energy planning, the President also visited the Singapore Nuclear Research and Safety Institute.
“With this in mind, I visited the Singapore Nuclear Research and Safety Institute where we learned about Singapore’s work in nuclear research and technology, and most importantly, safety,” Marcos reported, noting that the administration continues to study viable options for long-term energy security.
“Our objective is not simply to attract investments today. We must also prepare the energy supply, the infrastructure, technology, and human capital necessary to sustain the industries of tomorrow,” he added.
Closing his remarks, the President expressed confidence that the engagements will yield long-term benefits and technology transfers for the country.