American companies are eyeing over $1 billion of investments in the Philippines, a commitment brought by the United States Presidential Trade and Investment Mission (PTIM).
US secretary of commerce Gina Raimondo is leading the PTIM in the Philippines from March 11 to 12, being participated in by high-level executives from 22 US companies and business organizations.
“In fact, on this trip alone, these companies are announcing over a billion dollars of US investments,” the visiting US official told reporters in a press conference in Parañaque City Monday, March 11.
Raimondo said the commitments are “high impact investments in high impact industries”, especially in priority sectors identified by the government such as renewable energy, electric vehicles (EVs), digitization and telecommunications, among others.
Specifically, the PTIM delegation is eyeing to train over 30 million Filipinos, providing education and training opportunities in digital and artificial intelligence (AI).
Raimondo said these education and training opportunities will help Filipinos land in high paying jobs.
She cited that, for one, Microsoft is partnering with the Technical Education and Skills Development Authority (TESDA) to train more than 100,000 women for AI and cybersecurity skills, and is rolling out an AI learning roadmap to help train “tens of millions of students” for digital and AI upskilling.
Microsoft is also deploying a co-pilot chat box tool in the country for an open AI service, she said.
“Google is announcing similar investments. We’re also announcing an innovation hub for EV training,” she added.
Raimondo’s delegation is an offshoot of the visit Pres. Ferdinand Marcos Jr. to the US, wherein US president Joe Biden initiated to have the PTIM to the Philippines to reaffirm White House’s commitment to strengthen economic ties with Manila.
“I am totally confident that this Presidential Trade and Investment Mission to the Philippines is just the beginning of the next wave of new and exciting economic engagements between our countries,” Raimondo said.
She said the US and the Philippines sustained their “iron clad” alliance for over 72 years, and the US remains a “steadfast friend” and a “partner in prosperity” for the Philippines.
“President Marcos (Jr.) has said… he cannot imagine the Philippine future without a close bond with the United States. I want to say here today, the feeling is mutual,” she said.
“But President Biden acknowledges we can do more. We can always do more,” she added.
For his part, Frederick Go, special assistant to the president for investment and economic affairs, said that just like any strategic investments in the country, the Philippine government assures red carpet treatment for critical investments from US companies.
“We assured the mission of the Philippines’ commitment to roll out the red carpet for investors by improving the ease of doing business,” he said at the same media event, adding this includes acting swiftly on investors’ concerns.
Department of Trade and Industry (DTI) secretary Alfredo Pascual also urged US businesses to make the Philippines as their central hub in Asia.
He cited that logistics giants FedEx and UPS, which are part of the PTIM, are eyeing expansion plans in the Philippines. — Kris Crismundo (PNA)
