00:00 This is the first summit of the ASEAN GCC, which is extremely important because the GCC
00:09 countries and the ASEAN member countries really comprise the two most vibrant economies, regional
00:19 economies in the world today.
00:21 And for them, for us to join forces, for us in ASEAN to join forces with the GCC is a
00:28 very significant event.
00:30 And we look forward to very many things that we can do together.
00:35 And at the same time, the countries in the Gulf states are all also looking for assistance,
00:45 for help, for workers, not only workers but also for trade, for business, for investment.
00:51 And that is what we were able to talk about.
00:55 And I think that the future is bright for this partnership between the Gulf states and
01:03 the ASEAN member countries.
01:07 There is a very clear understanding, especially amongst the Gulf state, the leaders of the
01:15 Gulf states, that in this globalized economy, it is important to continue to make these
01:26 arrangements, make these agreements, so that we have a very strong basis on which to - from
01:32 which to transform our economies and from which we can grow.
01:38 At the same time, well, on the bilateral side, that we were - and the reason that many of
01:44 our economic managers are here with us on this trip is because we have the - there is
01:51 a change, especially in Saudi Arabia.
01:56 Upon talking to the Crown Prince, the Crown Prince of the Philippines, we have - they
02:04 are very interested not only in, of course, getting increased contractors and laborers
02:13 and health and professional skilled workers, engineers, architects, because they are going
02:20 to build a lot.
02:27 But it is not only a one-way street anymore.
02:32 We need to also - we would like to also go to the Philippines and invest and do something
02:38 in the Philippines.
02:39 So, first of all, it is very simple and it is a little obvious.
02:45 Our proposal, we are saying, because almost all of the food here in Saudi Arabia is imported.
02:54 Their agricultural land is very little, if you will, and they are already poor in water.
03:01 So, what I am saying is, why don't you invest, invest in the Philippines and build a house
03:09 and build a factory for food, to process foods, halal foods, but specifically for Saudi Arabia.
03:19 And that will bring jobs to the Philippines and will also increase our food supply.
03:25 So these are the kinds of things that we have been talking about.
03:28 Also in the finance - in the financial instruments that they are - they have been presenting,
03:35 we have to talk to them more about that.
03:37 We did not have enough time to go into detail, but again, that is a prospective area.
03:45 One of the areas that Saudi Arabia has been very active in is actually in the development
03:50 of renewable energy, because they have a very forward-thinking leadership.
03:58 They see that they would like to diversify their economy, not just dependent on petroleum
04:08 products and to increase their - to increase the stability of their economy, not so dependent
04:15 on just one commodity.
04:18 So these are - and of course, we reintroduced to them the Maharlika Investment Fund.
04:27 And that was - that has proceeded very quickly.
04:32 And we have gone into - we have already started with detailed talks with the PIF, which is
04:39 the equivalent here in Saudi Arabia.
04:41 It is their investment fund.
04:43 And how we can do - how we can work together.
04:47 And it is not only Saudi Arabia.
04:49 It has all - it is also other - the other Gulf countries who have expressed an interest.
04:54 I am very encouraged and quite happy by the fact that the reaction that we got from our
05:05 partners in Saudi Arabia and in other countries has been very encouraging.
05:11 And they really want to help and contribute to our investment because we have shown that
05:24 it is a good investment for us.
05:28 The concept of an investment fund, a sovereign fund for the Philippines is growing even more
05:34 attractive, ever more attractive as we go down the road and we talk to more of our perspectives
05:41 and our competitive partners when it comes to the sovereign fund.
05:44 And I'm confident that once we get it operationalized, once we are able to start talking in detail
05:55 with not only the investment funds but even private corporations and other governments
06:00 as well.
06:01 And that is precisely the role that we have envisioned for the sovereign fund, the Maharlika
06:08 fund, and that is what the direction that it has taken.
06:14 And again, our partners have become - have been very, very encouraging in their reaction
06:23 to what we have presented to them.
06:26 I also am happy to report that today, this morning, on a very - from a very - I was just
06:34 asked - after we were making speeches, we got a message from the Crown Prince of Kuwait.
06:41 He said, "Can we have a quick chat for just three to five minutes?"
06:48 He said, "It won't take very long."
06:50 And we said, "Of course."
06:52 And I spoke to the Crown Prince and he said that he didn't like what happened between
06:56 Kuwait and the Philippines, that he disagreed with what the people were doing.
07:01 He says that the words that he used, "Do not listen to them.
07:07 This comes from small people.
07:09 I do not agree with what they have been doing."
07:11 And in fact, as he said, "There's no reason for you to apologize to us."
07:17 "Don't you know what they're asking us to do?
07:20 Apologize to them."
07:21 And he said, "As a matter of fact, I will apologize to you," said the Crown Prince,
07:24 "for what happened.
07:25 We will fix it and we will make it because we love the Philippines."
07:29 He says, "Because I remember your father.
07:32 He always supported Kuwait.
07:34 He always supported us.
07:36 And I know that you will always also support us.
07:39 That's why we will fix this."
07:41 So we fixed the problem in Kuwait.
07:44 The bans that we made, the bans of the Kuwaiti people.
07:47 Because I have a strong heart to say that we talked to the Crown Prince.
07:52 And I don't think there's no one as high an authority as you need to resolve all of these
08:00 issues that have arisen over the past months.
08:05 So that is what I'm saying to our fellow countrymen.
08:12 Just for that, it's worth it that we traveled because we fixed the problem in Kuwait.
08:17 It's really hurting our heads how we will do it.
08:22 But that is one of the successes that we can record from this trip.
08:36 The other is the agreement with Saudi Arabia that not only will they continue to hire Filipinos
08:45 at every level in the workplace, but also that they will come and do a lot of work in
08:53 the Philippines.
08:54 And they will invest in the Philippines so that they can return.
08:59 Because what they look at us for is that they thank us for helping them transform and to
09:10 progress their economy.
09:12 And we have played a very large part.
09:17 Yesterday, we had a very good roundtable meeting with the Saudi corporations in the different
09:27 fields, the logistics, energy, agriculture, digitalization.
09:33 And again, we had presented the Philippines, we presented the settlement fund.
09:39 And we started to explore what are the things that we can do together.
09:47 The minister of what they call MISA, which is the Ministry of Investment, Saudi Arabia,
09:57 was very helpful.
09:58 Because their minister spent one year living in the Philippines.
10:02 He was working with Petron for one year.
10:06 He brought his family there.
10:07 So he loves the Philippines.
10:10 And he was very, very helpful and very, very encouraging.
10:13 And he was really trying to bring together our plans and how they can be part of it.
10:21 And that was also a very productive meeting, even if it was quick.
10:30 Much of many, there are many things that are done that are not in the plenary hall, that
10:37 are not in formal speeches, but on the sidelines.
10:40 And that's one of the things that I think is, again, has been a very good thing for
10:46 us.
10:47 And it is now, again, as I always say, we have these trips, that it is up to us now
10:56 to follow this up, to develop these ideas, to explore what will work in the Philippines,
11:02 to see what is appropriate for the Philippines.
11:06 And we will, that is what we will now begin to do when we get back to the Philippines.
11:15 We also signed a memorandum of understanding, MOU, between EEI and a large, they are not
11:32 recruiter, but they bring workers from the Philippines to Saudi Arabia.
11:44 Thank you.
11:52 [Applause]
11:53 [End of Audio]
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