A whopping $1 billion (roughly PHP56 billion) was pledged by United States companies that participated in the US Presidential Trade and Investment Mission to the Philippines.

This is apart from the 30 million education opportunities for future Filipino workforce in terms of reskilling with innovation and the utilization of artificial intelligence.

“For this trip alone, US companies are announcing over a billion dollars of US investment, including creating educational opportunities to over 30 million Filipinos in the form of digital and AI upskilling and digital training,” said US Commerce Secretary Gina Raimondo in a press conference in Solaire Resort and Casino in Parañaque City on Monday.

Further, Raimondo announced that the trade mission resulted in the establishment of the Electric Vehicle Education Center to train Filipinos for jobs in the fast-growing industry and solar and nuclear energy to support the country’s energy and climate.

“We are also announcing new airline routes opening up travel and tourism to the beautiful beaches of Cebu, among other projects,” she added.

Reaffirming commitment to trade, investments

Before the press conference, Trade and Industry Secretary Fred Pascual welcomed Secretary Raimondo and the US Presidential Trade and Investment Mission delegation at the Malacañan Palace on Monday morning.

Raimondo said that during their meeting with Pascual, along with other DTI officials, and Special Assistant to the President for Investment and Economic Affairs Frederick Go, it was discussed that the Philippine and US Governments committed to further expanding trade relations and improving conditions for trade and investment.

“This commitment expands to the larger Indo-Pacific region through our work together in the Indo-Pacific economic framework under which the US, Philippines, and partners across the region have pursued economic cooperation agreements to tackle 21st-century problems like supply chain decarbonization, investments, in climate and infrastructure,” she said.

Despite the close bond between the Philippines and the United States, Raimondo, quoting words from US President Joe Biden, said that the present ties can do more, and that’s why the US President initiated the US Mission.

“I am totally confident that this US 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,” she added.