US-LED TRADE MISSION TO BOOST INVESTMENTS IN PH
TOP US companies and organizations visited the country during the first Presidential Trade and Investment Mission (PTIM) to the Philippines from March 11-12. Initiated by US President Joseph R. Biden, Jr. and announced during President Ferdinand R. Marcos, Jr.’s 2023 visit to Washington, DC, the mission aims to boost US investment in the country by providing opportunities for U.S. and Philippine business leaders to forge connections, explore collaborations, and share insights. The mission was facilitated by the Private Sector Advisory Council (PSAC).
The PTIM was attended by 22 leaders and CEOs of leading American companies, including Microsoft, Google, FedEx, Mastercard, and Visa, among others. Department of Information and Communications Technology Secretary Ivan John Uy welcomed the delegates in his opening remarks. Meanwhile, United States Secretary of Commerce Gina Raimondo gave the keynote speech as one of the most prominent advocates of bilateral cooperation and economic development among partner countries.
“These companies from the US that I brought with me, they are eager to work with you. They want to do more, create an investment in and with the Philippines,”
These companies from the US that I brought with me, they are eager to work with you. They want to do more, create an investment in and with the Philippines.
GINA RAIMONDO U.S. Secretary of Commerce
Secretary Raimondo said. “US businesses value the talent of the Filipino workforce. The Filipino workforce in America is highly valued as hardworking, well-trained, English speaking, easy to work with.”
She added that US businesses share a common goal to unleash the potential of the private sector, and views Philippine businesses as essential partners in building a vibrant, competitive and integrated Indo-Pacific economic region that is consistent with US President Biden’s Indo-Pacific Economic Framework (IPEF).
The mission focused on several key sectors: Renewable Energy, Transport and Logistics Infrastructure, Information and Communications Technology (ICT) and Cybersecurity, and Cross-Border Data Flows. Investment in these sectors will ensure the country’s sustainable economic growth, regional connectivity and improve cybersecurity measures to protect digital assets.
PSAC 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, is able to minimize bureaucratic challenges, and ensures 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. “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.”
He 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 doesn’t 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.”