U.S. prioritizes Phl in investments — Raimondo

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

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.

PHOTOGRAPH COURTESY OF PSAC THE Private Sector Advisory Council's lead convenor, Sabin Aboitiz, also the president and CEO of the Aboitiz Group (center), addresses representatives of US firms in the Presidential Trade and Investment Mission, led by United States Secretary of Commerce Gina Raimondo (right). Also in the photo is the Department of Information and Communications Technology Secretary, Ivan John Uy (left).