President Ferdinand Marcos Jr. on Monday urged US companies to invest more in the Philippines as he underscored the importance of infrastructure development in the country.

In his remarks during the call of the US government and its Presidential Trade and Investment Mission (PTIM) delegation in Malacañang, Marcos Jr. highlighted the necessity of robust infrastructure for the country's growth and development.

“This is not the only important infrastructure that we need. Through the "Build, Better, More" program, we aim to launch 198 high-impact priority infrastructure flagship projects (IFPs), totaling USD 148 billion (PhP 8.8 trillion),” Marcos Jr. said.

“We eagerly welcome participation by US investors in these transformative initiatives,” Marcos Jr. added.

Aside from those projects, Marcos Jr. also encouraged American investors to put their money into developing the country’s energy sector and critical metals exploration and processing, among other areas.

Other sub-sectors also include physical connectivity, water resources, agriculture, health, digital connectivity (telecommunications), and energy, Marcos said.

Investing in the country presents a multitude of advantages for investors looking to grow and expand, Marcos added, noting the Philippines situated at the heart of Southeast Asia offers a strategic location for businesses to succeed.

The presence of the US delegation in Manila signifies the realization of a promise made by US President Joe Biden to President Marcos during their meeting in Washington, D.C. in May 2023. Biden had assured to dispatch a prestigious presidential delegation to the Philippines to bolster trade and investment ties between the two countries.

In the preceding year, the United States held positions as the Philippines' third-largest trading partner among 230 nations, serving as its foremost export destination and the fifth-largest source of imports.

Semiconductor Industry

Meanwhile, Marcos Jr. announced plans to leverage potential support from the United States under the Creating Helpful Incentives to Produce Semiconductors and Science (CHIPS) Act in a strategic move to bolster the semiconductor industry in the Philippines.

CHIPS Act allocates fresh funding to enhance semiconductor research and manufacturing within the United States.

Highlighting the significance of the semiconductor and electronics industry, President Marcos noted that it stands out as the leading contributor to the Philippines' merchandise exports, constituting approximately 60 percent of the total merchandise exports.

“So, with the potential support from the United States under the CHIPS Act, we are poised to churn out a robust talent pool of 128,000 semiconductor engineers and technicians by the year 2028, ready to meet the expanding needs of high-technology industries,” Marcos Jr. said.

“With our standing proposition to the US semiconductor companies to invest in a laboratory-scale wafer fabrication facility in the Philippines, we can support the R&D (research and development), and advanced assembly, packaging, and test requirements of U.S. companies that are into semiconductors and electronics manufacturing services,” Marcos Jr. added.

President Marcos emphasized that this substantial export volume serves as evidence of the exceptional quality of the Filipino workforce, characterized by youthfulness, high skill levels, rapid learning abilities, creativity, productivity, and adaptability to diverse cultural settings.

Additionally, the President affirmed the Philippines' readiness to assist US companies in their research and development initiatives, along with other support operations.

"This would enable Filipino professionals to create prototypes and tape-outs of integrated circuits, actively engaging in the development of cutting-edge, high-value products and services, thereby contributing to the advancement of a technology-driven economy," Marcos Jr. said.