Ambitious investment drive a beacon of hope for Filipinos

The country is poised to bring in a staggering $100 billion in investments over the next five years from the United States and Japan, two global powerhouses committed to deepening their cooperation with the Philippines.

Pushing for stronger economic cooperation is on the agenda of President Marcos while in Washington, DC for a trilateral summit with US President Joe Biden and Japan Prime Minister Fumio Kishida.

The convergence of economic interests among the Philippines, the US, and Japan promises to reshape the country’s investment landscape. These investments will be mostly in energy and semiconductor.

Recognizing the urgent need to bolster its energy infrastructure as demand surges year after year, the country has been seeking foreign investors willing to back critical projects. The recent amendment to the implementing rules and regulations of the Renewable Energy Act of 2008 has opened doors for foreign companies to participate in the country’s renewable energy sector. Now, the Marcos administration eyes further reforms, including amendments to the Electric Power Industry Reform Act (EPIRA), the landmark law that aims to ensure reliable and competitively priced electricity in the country. The goal of these reforms is to reduce electricity costs nationwide and ensure a reliable power supply.

Amid these reforms, the country sets its sights on cutting-edge solutions. Now comes the small modular nuclear power plants — a gamechanger for an archipelago with 7,641 islands. Safer, cleaner, and technologically advanced, these modular nuclear power plants promise to meet the nation’s growing energy demands. President Marcos’ enthusiasm is palpable as discussions with a Seattle-based nuclear energy company unfold. The potential of nuclear energy, harnessed responsibly, could revolutionize the country’s energy landscape.

Beyond these, the joint exploration of the West Philippine Sea looms large. Exploring collaboration with the US and Japan may be a step in the right direction for the Philippines. Tapping into offshore resources in partnership with these two powerhouses will not only boost the country’s energy resources, it will also ensure regional stability. This strategic move aligns with the country’s energy security goals and underscores its commitment to sustainable development.

Apart from energy, the semiconductor industry — a cornerstone of global technology — beckons. As the Philippines positions itself as an attractive investment destination, semiconductor-related ventures are set to thrive. Cutting-edge manufacturing, research, and innovation will drive this sector forward, creating more jobs and fostering economic resilience.

According to reports, the Philippines exported $41.9 billion worth of semiconductors in 2023, accounting for 48 percent of the total Philippine exports that year. The Philippines’ top export destinations for semiconductors are Hong Kong, US, China, Singapore, and Japan.

This $100-billion investment target is a beacon of hope for the country. President Marcos’ vision transcends borders, uniting nations in pursuit of prosperity. As the Philippines opens its doors wider, it invites investors to join a transformative journey — one that promises growth, innovation, and shared success.