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Duterte to bring home 16,000 jobs for Filipinos from Saudi deals

Seven business-to-business deals worth $470 million between Filipino and Saudi businessmen are expected to generate 16,000 new jobs in the Philippines.

Trade Secretary Ramon M. Lopez disclosed that the agreements focus on industries like eco-zones for production of halal products, tourism, pharmaceuticals, agriculture, engineering, and fine-dining logistics.

“We will be witnessing the signing of about seven business-to-business agreements or letter of intent or memorandum of understanding [from Saudi] companies that have indicated interest to invest in the Philippines,” Lopez said.

Last year, Philippine exports to Saudi Arabia grew by 4.34% to $82.46 million. However, the country’s imports from the kingdom dropped by 43.46%, largely due to depressed oil prices.

Crude, petroleum oils and oils obtained from bituminous minerals are the Philippines’ top imports from Saudi Arabia, accounting for 91.07% of the total with a value of $1.95 billion.

From 2008 to 2010, approved investments from the kingdom to the Philippines amounted to $4.14 million.

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