As per the President Ferdinand Marcos Jr's office, a Philippine business delegation signed investment agreements worth more than $4.26 billion with Saudi business executives. According to a release, the agreements were made on the sidelines of a summit of Southeast Asian and the Gulf states in Saudi Arabia, which the Marcos attended.
The Gulf state is a major destination for overseas Filipino workers, with more than a million employed in the construction or as domestic helpers or nurses. Saudi's Al Rushaid Petroleum Investment Co. and Samsung Engineering (028050.KS) signed an agreement with the Philippines' EEI Corp (EEI.PS) for the construction export services worth $120 million, the statement said, as per reuters.
Al-Jeer Human Resources Company-ARCO announced a $3.7 billion human resource services agreement with the Association of Philippine Licensed Agencies for the Kingdom of Saudi Arabia.
A $191 million contract for human resource services was also signed between Saudi Maharah Human Resources Co. and the Philippines' Staffhouse International Resources and E-GMP International Corp.
As per the report, the meeting of Saudi and Philippine delegates mentioned discussions on energy, industry, Islamic financial services, and the food security, as well as a human resources pact aimed at sending skilled labor to the Saudi Arabia.