Vote of confidence

Vote of confidence | Daily Tribune

House Speaker Martin Romualdez expressed the government’s commitment to bolstering US-Philippine trade and investment ties through the push for the renewal of the US Generalized System of Preferences program to benefit Philippine exports.

Romualdez acknowledged the potential of these investments to foster economic growth, create job opportunities and improve the quality of life for Filipinos.

The news came at the heels of over $1 billion in investments from high-level US trade and investment mission firms — a significant vote of confidence in the Philippine economy.

The investment windfall includes groundbreaking ventures in energy, digital upskilling and education, particularly in areas such as AI and cybersecurity.

“This unparalleled commitment from American firms is a clear reflection of the strategic and dynamic presidency,” Romualdez said.

“Under the President’s guidance, the Philippines has embarked on a series of diplomatic and business-oriented initiatives, including his strategic foreign trips and the introduction of the Maharlika Investment Fund, aimed at attracting global investors and cementing our nation’s status as a prime investment destination.”

Romualdez also highlighted the synergy between the investment plans and the government’s legislative reforms, such as the proposed amendment to economic provisions of the 1987 Constitution, designed to liberalize the economy and create a more investor-friendly environment.

“These legislative measures are crucial in creating a conducive environment for foreign investments and in demonstrating our commitment to sustainable and inclusive growth.”

The planned investments from the US will support the Philippines in various priority sectors identified by the Manila government, including the creation of educational opportunities for over 30 million Filipinos through digital and AI upskilling programs.

Special emphasis was placed on the partnership between Microsoft Corp. and the Technical Education and Skills Development Authority, which aims to train over 100,000 Filipino women in AI and cybersecurity.

Upcoming projects such as the establishment of an electric vehicle education center and investments in solar and nuclear energy projects will align with the Philippines’ energy and climate objectives.

The announcement of a new airline route to Cebu was also welcomed as a significant boost to travel and tourism, thereby promoting economic recovery and development.

“The Philippine government remains resolute in its mission to build a stronger, more resilient, and more inclusive economy. We are eager to continue our collaboration with our American counterparts and welcome more investments that will contribute to our shared goals of prosperity and development.”

Romualdez expressed gratitude to US President Joe Biden for personally choosing the members of the US trade and investment mission led by US Secretary of Commerce Gina Raimondo consisting of prominent American business leaders that spent two days exploring business prospects in the country.

“President Marcos Jr.’s diplomatic initiatives and various trips abroad since taking office in the second half of 2022 have been marked by a consistent effort to attract more investments from our foreign partners.”

These visits have not only strengthened our over-all bilateral relations with other countries but also enhanced our status in the international community through our active participation in such groupings as the APEC and the Asean.