The United States government has made assurances that, on the basis of its ironclad alliance with the Philippines, the latter will be prioritized in terms of the volume of investments that will be poured in by various American companies.
“The message is that the United States is committed and will continue to show up to the Philippines. Why the Philippines? Because it is special. We are engaging more and more economically in the Indo-Pacific region. The Philippines is special because of the 72-year ironclad, rock-solid treaty partnership,” said US Commerce Secretary Gina Raimondo on Tuesday during the joint membership meeting of the American Chamber of Commerce, the Makati Business Club, Management Association of the Philippines and the US-ASEAN Business Council in Fairmont Hotel, Makati City, as part of Raimondo’s Presidential Trade and Investment Mission.
Some 22 leaders and CEOs of leading American companies, including Microsoft, Google, FedEx, Mastercard and Visa, United Airlines, among others, are with the PTIM.
“These companies want to take advantage of the Philippines’ well-trained, English-speaking and hardworking population,” Raimondo said.
Collective pledge
Earlier, the US official announced that the 22-company delegation that she brought to the country for the PTIM had pledged a collective total of $1 billion (roughly P56 billion) of investments that would redound to 30 million education opportunities for future Filipino workforce in terms of reskilling with innovation and the utilization of artificial intelligence.
Further, Raimondo announced that the trade mission has 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.
Ted Osius, president of the US ASEAN Business Council, said the US government is very particular on focusing on information and communications technology, as the Philippines has a young and very gifted workforce.
Fast-growing tech economy
“The Philippines has so much talent and many US companies are very much interested in the country’s very fast-growing tech economy, the fastest in Southeast Asia. The second is in the energy sector because the Philippine government is pushing for a significant energy transition towards greater use of renewables, which provides opportunities,” Osius said.
Thirdly, he said, American companies are interested in the Philippine healthcare sector. “There are tremendous opportunities in the Philippines to boost the production of pharmaceuticals, medical devices, and the healthcare industry in general,” he stressed.
Osius also noted that ease of doing business in the country has improved, thus the reason why foreign investors, particularly American firms, are so bullish about pouring in investments into the country.
PSAC leads
The mission was in the country to look at several key sectors, particularly Renewable Energy, Transport and Logistics Infrastructure, ICT and Cybersecurity, and Cross-Border Data Flows.
Investment in these sectors will ensure the country’s sustainable economic growth, and regional connectivity and improve cybersecurity measures to protect digital assets.
The Private Sector Advisory Council hosted the mission, bringing together the Philippines’ top conglomerates and the US delegation, to create solutions for the country using their direct access to the government.
PSAC Lead Convenor and Aboitiz Group President and CEO Sabin M. Aboitiz emphasized that the Advisory Council works directly with the President, can minimize bureaucratic challenges, and ensure that the Philippine government can work smoothly with foreign investors.
“PSAC is our answer to making sure the government hears you, ensuring your needs and challenges are front and center, so we can tackle them head-on,” Aboitiz said.
Solid and clear commitment
“Our commitment is solid and clear: we intend to make doing business in the Philippines as easy, simple, and straightforward as possible — as it should be,” emphasized.
Aboitiz also expressed support for the Marcos administration’s continued thrust to improve US-Philippine ties and promote a more comprehensive alliance between the two nations.
“Under the leadership of President Marcos Jr., we have a government that does not just talk but listens — listens to what businesses need, listens to what investors like you are looking for, listens to what industries need for the economy to thrive. If this kind of collaboration continues, the Philippines will be the Next Big Thing in Asia.”
