President Ferdinand Marcos Jr. on Monday urged US companies to invest more in the Philippines as he underscored the importance of developing the country’s infrastructure.
In his remarks during a courtesy call by the US Presidential Trade and Investment Mission in Malacañang, Marcos highlighted the necessity of robust infrastructure for the country’s growth and development.
Headed by US Commerce Secretary Gina Raimondo, the trade delegation would later announce in a press conference that about 20 American companies are investing an initial $1 billion in the Philippines.
“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 totaling $148 billion (P8.8 trillion),” Marcos said.
“We eagerly welcome participation by US investors in these transformative initiatives,” he said.
The President left for Berlin and Prague after meeting with the US delegation.
Marcos 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 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, the President added, noting that the Philippines being situated in the heart of Southeast Asia offers a strategic location for businesses to succeed.
The visit of the US delegation to 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 said he would dispatch a presidential delegation to the Philippines to bolster trade and investment ties between the two countries.
In 2023, the United States was the Philippines’ third-largest trading partner among 230 nations, serving as its foremost export destination and the fifth-largest source of imports.
“For this trip alone, US companies are announcing over a billion dollars of US investment, including creating educational opportunities for over 30 million Filipinos in the form of digital and AI upskilling and digital training,” Raimondo told journalists at the Solaire Resort and Casino in Parañaque City.
Raimondo said the trade mission resulted in the establishment of the Electric Vehicle Education Center to train Filipinos for jobs in the fast-growing industry and in 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.
Before the press conference, Trade and Industry Secretary Fred Pascual welcomed Raimondo’s entourage to the Palace where they met with the President and Special Assistant to the President for Investment and Economic Affairs Frederick Go.
Secretary Raimondo announced that the US intends to engage more Indo-Pacific countries to tackle 21st-century problems like supply chain decarbonization, investments, climate and infrastructure.
“I am 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 said.
For his part, Secretary Pascual highlighted the Philippines’ potential to be a key player in the critical metals sector with the country’s significant nickel, copper and cobalt reserves.
Leveraging the country’s rich mineral reserves, the Philippines aspires to lead the global value chain for energy storage and electric vehicle production, he said.
Pascual also called for the swift implementation of US government support in workforce development as part of the CHIPS Act to facilitate plans to expand its role in the semiconductor industry beyond assembly and packaging.
The Philippine government is also seeking US Department of Commerce assistance on trade issues like detained apparel exports and shrimp paste shipments.
Additionally, the Philippines took the opportunity to raise the current situation of Philippine electronics companies unable to bid on US government contracts due to a requirement in the US Trade Agreements Act.