Speaker Ferdinand Martin G. Romualdez (Photo courtesy of Speaker's office)
MANILA – Speaker Martin Romualdez on Tuesday said the USD1 billion worth of investments from firms participating in a high-level United States (US) trade and investment mission represent a substantial "vote of confidence" in the Philippine economy.
In a statement, Romualdez said the investment windfall is also a "clear reflection" of the "strategic and dynamic" leadership of President Ferdinand R. Marcos Jr.
"Under the President’s guidance, the Philippines has embarked on a series of diplomatic and business-oriented initiatives, including his strategic foreign trips and the introduction of the Maharlika Investment Fund, aimed at attracting global investors and cementing our nation's status as a prime investment destination," Romualdez said.
According to US Secretary of Commerce Gina Raimondo, the commitments are “high impact investments in high impact industries”, especially in priority sectors identified by the second Marcos administration such as renewable energy, electric vehicles (EVs), digitization and telecommunications, among others.
The planned investments would also provide educational opportunities for over 30 million Filipinos through digital and AI upskilling programs.
Romualdez particularly cited the partnership between Microsoft Corp. and the Technical Education and Skills Development Authority, which aims to train over 100,000 Filipino women in AI and cybersecurity.
He also welcomed upcoming projects such as the establishment of an electric vehicle education center and investments in solar and nuclear energy projects, which align with the Philippines' energy and climate objectives.
The announcement of a new airline route to Cebu, Romualdez said, will significantly boost travel and tourism, thus promoting economic recovery and development.
The House leader expressed confidence that these investments will foster economic growth, create job opportunities, and improve the quality of life for Filipinos.
He reaffirmed the House of Representatives' commitment to supporting the President's "Build, Better, More" program and other initiatives that would enhance the Philippines' position as a key player in the global market.
"The Philippine government remains resolute in its mission to build a stronger, more resilient, and more inclusive economy. We are eager to continue our collaboration with our American counterparts and welcome more investments that will contribute to our shared goals of prosperity and development," Romualdez said.
He said the proposed economic amendments to the Constitution, which are intended to liberalize the economy and create a more investor-friendly environment, will complement the investment plans.
"These legislative measures are crucial in creating a conducive environment for foreign investments and in demonstrating our commitment to sustainable and inclusive growth," he said.
Romualdez thanked US President Joe Biden for personally choosing the members of the US trade and investment mission led by Raimondo, demonstrating Washington’s sincerity in assisting the Philippines' economic and social development while also increasing defense and security cooperation.
“President Marcos Jr.’s diplomatic initiatives and various trips abroad since taking office in the second half of 2022 have been marked by a consistent effort to attract more investments from our foreign partners,” he said.
For Romualdez, the President's visits have not only strengthened the Philippines' overall bilateral relations with other countries but also enhanced the country's status in the international community through its active participation in such groupings as the Asia-Pacific Economic Cooperation (APEC) and the Association of Southeast Asian Nations (ASEAN).
“The House of Representatives fully supports the President’s foreign policy initiatives aimed at expanding trade and investments and economic cooperation with as many nations as possible from whom we can learn valuable lessons in propelling sustained economic growth,” Romualdez added.
Raimondo’s delegation is an offshoot of Marcos’ visit to the US, wherein President Biden initiated to have the PTIM to the Philippines to reaffirm White House’s commitment to strengthen economic ties with Manila.
“I am totally confident that this Presidential Trade and Investment Mission to the Philippines is just the beginning of the next wave of new and exciting economic engagements between our countries,” Raimondo said.
She said the US and the Philippines sustained their “ironclad” alliance for over 72 years, and the US remains a “steadfast friend” and a “partner in prosperity” for the Philippines.
Raimondo led the presidential trade and investment mission here from March 11 to 12, being participated in by high-level executives from 22 US companies and business organizations. (PNA)
