President Marcos meets Glencore CEO, other execs for potential deals

By: Philippine Resources January 19, 2023

Photo: President Ferdinand ‘Bongbong’ Marcos Jr. meets officials of Glencore. Credit: Office of the President Facebook Page

President Ferdinand R. Marcos Jr. on Wednesday met with the international chief executive officers (CEOs) to discuss potential business opportunities in the Philippines.

A breakfast meeting was held between Marcos and the world's top CEOs in Davos, Switzerland to enable the President to present the investment climate in the Philippines, Presidential Communications Office (PCO) Secretary Cheloy Garafil said in a statement.

Marcos, Garafil said, was accompanied by the official Philippine delegation which include his Cabinet and top Philippine business leaders.

"Top international CEOs gathered for a breakfast meeting with President Ferdinand R. Marcos Jr., his Cabinet, official delegation and the 7 top Philippine CEOs to discuss the investment climate in the Philippines and to find ways to facilitate their business operations in the country," she said.

Marcos also had the chance to meet with Gokul Laroia, chairperson of investment banking powerhouse Morgan Stanley for Asia Pacific, on the sidelines of his participation in the World Economic Forum (WEF), Garafil said.

Garafil said Laroia, during the meeting with Marcos, discussed Morgan Stanley's plan to have an office in Manila.

"Mr. Laroia informed President Marcos that the top global investment bank will set up office in Manila," she said.

Marcos is currently in Davos to present the current state of the Philippine economy and woo more investors.

On Tuesday (Zurich time), Marcos also had a series of business meetings on the WEF sidelines, including a meeting with officials of mining and commodities training giant Glencore.

Marcos and Glencore officials led by its CEO, Gary Nagle, discussed the Swiss multinational firm's intent to expand its business operations in the Philippines, Garafil said.

"On the sidelines of the World Economic Forum (WEF) organized sessions, President Ferdinand R. Marcos Jr. and Trade Secretary Alfredo Pascual met with Mr. Gary Nagle, Chief Executive Officer of Glencore, on Tuesday to discuss the company’s interest to expand mining and processing operations in the Philippines," she said.

Garafil said Glencore, one of the largest and globally diversified natural resource companies in the world, sees the Philippines as a "potential partner to process nickel and copper resources responsibly and sustainably for use in electric vehicle batteries and energy storage units."

Glencore is engaged in a wide range of commodity production, sourcing, processing, refining, transporting, storage, financing and supply. With 60 mining, metallurgical and oil production assets worldwide, Glencore is dedicated to responsibly sourcing the commodities that drive progress in everyday life.

Marcos also received a "warm welcome" from WEF founder and chairperson Klaus Schwab on Tuesday, the Office of the President (OP) said in a Facebook post.

Marcos' investment pitch for the Philippines also earned "a very positive response" from some of the world's top chief executive officers and investment experts attending WEF.


Meantime, the PCO also shared several photos of the oath-taking of newly-appointed officials.

Based on the photos, Executive Secretary Lucas Bersamin administered the oath of office to Roderico Bioco as acting National Food Authority (NFA) administrator and NFA Council member; Rita Riddle as acting member of the Government Service Insurance System's (GSIS) Board of Trustees; and Joan Padilla as an administrator of the Intramuros Administration.

The appointment of Bioco and Padilla was first announced on Jan. 11 and 18, respectively.


Article courtesy of the Philippine News Agency

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