President Ferdinand Marcos Jr. extended a warm invitation to members of a visiting US trade mission to join the Philippines’ ambitious Build Better More initiative. This initiative focuses on 198 high-impact priority infrastructure flagship projects that aim to position the Philippines as the logistics hub of Asia. The trade and investment mission, organized by US President Joe Biden and led by US Secretary of Commerce Gina Raimondo, includes 22 companies that have announced over $1 billion in investments in the Philippines.
President Marcos emphasized the multitude of advantages that investing in the Philippines brings for investors. One notable advantage is the country’s strategic geographical location in Southeast Asia. Additionally, the Philippines boasts a dynamic workforce, making it an attractive destination for foreign investments.
Apart from the 198 flagship projects, American companies are also encouraged to invest in the country’s energy sector and critical metals exploration and processing. President Marcos expressed confidence in the Philippines’ ability to build upon its strong performance in 2023, despite global challenges. He attributed this confidence to decisive policy measures, a robust external position, anticipated key tax reforms, and significant foreign investments, particularly from the United States.
The arrival of the US mission in Manila fulfills President Biden’s commitment to President Marcos during his visit to Washington, D.C. last year. President Biden pledged to send a high-level presidential delegation to the Philippines to enhance investment and trade relations between the two nations. The United States is among the Philippines’ top three trading partners, alongside Japan and China.
President Marcos emphasized that the gathering of officials not only signifies a meeting of leaders but also celebrates the enduring relations between the Philippines and the United States. These relations have been built on shared sacrifices, mutual support, and unwavering respect. He highlighted the positive economic strides made by the Philippines in the previous year and showcased the diverse investment opportunities available in the country.
The trade and investment mission, scheduled to stay in the Philippines until March 12, comprises 22 companies from various business sectors. These companies have ambitious plans to make substantial investments in the country. US Secretary of Commerce Gina Raimondo emphasized the pivotal role these companies will play in shaping the global landscape and advancing the joint economic agenda. During this trip alone, the companies are announcing over a billion dollars in US investments.
Raimondo highlighted the specific areas of expertise among the companies, including energy, information and communications technology, and infrastructure. These companies are not only focused on investment but also on creating opportunities for Filipinos to secure high-paying jobs. Educational opportunities in digital and artificial intelligence training will be made available, and an electric vehicle center will be established to train Filipinos for jobs in the fast-growing industry. Furthermore, solar and nuclear projects will support the Philippines’ energy climate goals, and a new airline route will open up travel and tourism to the beaches of Cebu.
The investments brought by the trade mission will contribute to the Philippines’ transformation into an economic powerhouse and solidify its position as the logistics hub of Asia. With the support of US investors, the country is poised for continued growth and development in the coming years.
In conclusion, President Marcos welcomes US investors to participate in the Build Better More initiative and seize the investment opportunities available in the Philippines. The visit of the US trade and investment mission demonstrates the enduring and mutually beneficial relations between the Philippines and the United States. With the combined efforts of both nations, the Philippines is well-positioned to achieve its economic goals and become a key player in the region’s logistics industry.
Source: The Manila Times
