Lawmakers on Tuesday welcomed the $1 billion in investment commitments from the inaugural United States presidential trade and investment mission to the Philippines, considering such as a vote of trust and confidence in the government.
During an official visit to Manila, US Commerce Secretary Gina Raimondo announced that American companies would invest more than $1 billion in the Philippines.
Raimondo led a two-day trade and investment mission, the first of its kind for the Philippines. The delegation includes executives from 22 companies, including United Airlines, Google, Visa, KKR Asia Pacific, and Microsoft.
“This unparalleled commitment from American firms is not just a vote of confidence in the Philippine economy but also a clear reflection of the strategic and dynamic leadership of President Ferdinand R. Marcos Jr. [PBBM],” Speaker Ferdinand Martin Romualdez stressed.
“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,” he added.
Romualdez emphasized the synergy between these investment plans and the government’s legislative reforms, particularly the proposed amendment to economic provisions of the 1987 Constitution, designed to liberalize the economy and foster a more investor-friendly environment.
“These legislative measures are crucial in creating a conducive environment for foreign investments and in demonstrating our commitment to sustainable and inclusive growth,” he explained.
The planned investments from the US will support various priority sectors identified by the Manila government, including expanding educational opportunities through digital and AI upskilling programs for over 30 million Filipinos. Special emphasis was placed on partnerships, such as Microsoft Corp. and the Technical Education and Skills Development Authority to train over 100,000 Filipino women in artificial intelligence and cybersecurity.
Romualdez specifically commended upcoming projects, such as the establishment of an electric vehicle education center and investments in solar and nuclear energy projects aligning with the Philippines’ energy and climate objectives.
The announcement of a new airline route to Cebu was also welcomed as a significant boost to travel and tourism, thereby stimulating economic recovery and development.
The Speaker reiterated the Philippine government’s commitment to bolstering US-Philippine trade and investment ties, reflecting on discussions between Philippine officials and Secretary Raimondo regarding infrastructure projects and priority sectors.
He also acknowledged efforts to renew the US Generalized System of Preferences (GSP) program, benefiting Philippine exports.
Romualdez expressed optimism about the potential of these investments to 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.
For his part, Senior Deputy Speaker and Pampanga Rep. Aurelio Gonzales Jr. is optimistic that if Congress succeeds in removing constitutional barriers and warmly welcomes foreign investors, the President will be able to attract even more foreign investments.
“That’s why I believe that if we open up these economic provisions, a lot of investors will truly consider investing in our country,” Gonzales said.
Deputy Majority Leader Margarita Nograles pointed out that the growing interest of foreign investors in the Philippines was a result of successful state visits by the President, which are now yielding positive results.
According to Assistant Majority Leader and Lanao del Sur 1st District Rep. Zia Alonto Adiong, the investment pledges from American companies signify a growing trust in both the governance of the Philippines and its foreign policy architect, President Marcos himself.
“It’s about a foreign country deepening trust not only in the way we handle things here in the country but also in the person who sits as the architect of our foreign policies,” Adiong said.
For his part, Quezon City 5th District Rep. Patrick Michael Vargas underscored the significance of the investment pledges in bolstering trust in the country’s economic potential.