Summit deals won’t affect China investments Marcos

The expected influx of investments from the US and Japan that stemmed from the historic trilateral summit won't affect China's investments in the Philippines, President Marcos said yesterday.

- ALEXIS ROMERO, Sheila Crisostomo, Marc Jayson Cayabyab

Last Friday's summit, hosted by US President Joe Biden here and attended by Marcos and Japanese Prime Minister Fumio Kishida, was widely perceived as a response to China's aggression in the South China Sea, although its discussions covered not just defense but also economic cooperation.

Philippine Ambassador to the US Jose Manuel Romualdez recently said Manila may reap at least $100 billion in investments from Washington and Tokyo in five to 10 years as a result of the event.

Asked during a press briefing here how the outpouring of investments from the US and Japan would affect China's economic influence in the Philippines, Marcos replied, "I don't see how the two are connected." "China will continue whatever investments it chooses to make. This is separate from any proposed or potential Chinese investments in the Philippines. How do I see it? How will it affect? I don't see that it will affect, one way or the other," he added.

The sectors that are expected to benefit from the investments include the semiconductor industry, energy and manufacturing. Marcos expressed optimism that the estimated $100 billion worth of investments from the US and Japan would materialize.