Business and Economy
White House, US biz: We choose to prioritize PH
COMMITMENTS. US Secretary of Commerce Gina Raimondo meets with Filipino and American business leaders at Fairmont Hotel in Makati City on Tuesday (March 12, 2024).
Raimondo was in the country for the two-day Presidential Trade and Investment Mission. (PNA photo by Kris M. Crismundo)
MANILA – Since President Ferdinand R. Marcos Jr. began his term in 2022, the United States has sent a number of White House officials to the Philippines while American companies have committed to invest in the country.
In a meeting with Filipino and American business leaders at a Makati City hotel Tuesday, US Secretary of Commerce Gina Raimondo said the official trips and business missions from the US send a message that the Philippines is a priority for the US public and private sectors.
“We are engaging more and more economically in the India-Pacific region, but the Philippines is special,” Raimondo said, noting the 72 years of “ironclad and rock solid” bilateral ties between the two countries.
Raimondo will proceed to Bangkok, Thailand, but tagged just the Philippined as a trade and investment mission initiated by President Joe Biden, a first for the Philippines.
“This is the only place I’m leading this Presidential mission because we are choosing to prioritize the Philippines,” Raimondo said.
Raimondo announced on Monday over USD1 billion worth of investment commitments from US companies in the sectors of renewable energy, artificial intelligence, digitalization, and infrastructure, among others.
These sectors are key priorities of the Marcos administration.
On Tuesday, the White House executive said US Secretary of State Antony Blinken will be visiting Manila “in a week or so” — the second official trip of Blinken to the Philippines.
Investment commitments
Raimondo led the Presidential Trade and Investment Mission to Manila on Monday and Tuesday, bringing the highest caliber of US business leaders.
Some of the companies shared their future plans in the Philippines, which include the following:
UltraPass ID co-founder and chief executive officer (CEO) Eric Starr signed an agreement with the Department of Budget and Management and information and communications technology firm Now Corp. for the use of its decentralized identity solutions and rolling out of secured data sharing;
Sol-Go chair of the board and CEO Scott McHugo shared the company’s plan to triple Sol-Go’s headcount and capacity of its light-weight solar panel factory in Batangas;
Microsoft Corp. Office of the President Global Strategic Initiatives vice president Mary Snapp announced its partnership with Unconnected.org to bring in additional one million individuals online and the tie-up with the Department of Labor and Employment and the Technical Education and Skills Development Authority to equip Filipinos with digital and artificial intelligence skills;
Mastercard Center for Inclusive Growth founder and president and EVP for Sustainability Shamina Singh intends to expand the 10,000 small business beneficiaries in the Philippines that can tap Mastercard’s capital, know-how, and lending services for their innovation investments;
InnovationForce founder and CEO Kimberly Getgen mentioned the company’s partnership with Aboitiz Power Corp. for the former to provide its digital solutions to the Filipino power firm; and
KKR head of Asia Pacific Infrastructure David Luboff said the company will continue to invest in the Philippines on top of the USD1.7-billion capital it had already poured into the country.
Moreover, Department of Trade and Industry Secretary Alfredo Pascual said they signed a partnership with search engine Google.
Filipino-American rapper and singer Apl.
de.Ap, through his foundation, also sealed a deal with the Asian Development Bank and US firm Legacy EV to put up a center for excellence for e-mobility advancement of the country.
Raimondo left Manila on Tuesday afternoon to lead the President’s Export Council trip to Bangkok.
