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US multinational companies make significant investments while meeting with PBBM

After receiving promises from American multinational corporations over eight back-to-back meetings in just half a day on Tuesday (Wednesday Philippine time), the second day of President Ferdinand R. Marcos Jr.’s official visit to the United States was very successful.

These discussions, which were a part of his official visit to the US, took place at the Blair House in Washington, D.C., where Marcos sat down and spoke with a number of corporate executives in an effort to attract additional investments to the Philippines.

Around 1:45 pm, Marcos began his business meeting with the United States-Philippines Society, which is co-chaired by former US Ambassador John D. Negroponte. The group made a commitment to greater cooperation and partnership in the development of the Philippine economy. Marcos was joined by the official Philippine delegation.

Negroponte thanked President Marcos for setting the stage for US-Philippine Society (USPS) work in the months and years to come with his visit.

The USPS, sometimes referred to as The Society is an influential binational group comprising US and Philippine business and civic elites.

Negroponte and well-known Filipino businessman Manuel V. Pangilinan share leadership of The Society.

The Society was established in May 2012 with the goal of improving the profile of the Philippines in the US in terms of security, trade, investments, tourism, the environment, history, education, and culture.

The organization works closely with the Philippine Embassy in Washington, D.C. to plan events that emphasize the strong ties between the two countries and advance security, economic, cultural, and social concerns.

John Padget, president, and CEO of Carnival Corp., also met with the president. He informed him that in the upcoming three to four years, his group of firms will hire over 75,000 Filipino seafarers.

In addition to Carnival Cruise Line, Holland American Airlines, and Seaborn, Padget lauded Filipino workers for their friendliness and aptitude for the global labor market.

Everything, he continued, “is based on the happiness, the smile, and the greatness of the Filipino employees, whether it be the marine, deck, hospitality, or restaurant.”

At the meeting, Susan Ople, Secretary of the Department of Migrant Workers (DMW), represented “the interest of 200,000 Filipinos” who “adhere to fair and ethical standards and principles.”

At around 3 p.m., the President also had a meeting with the representatives of Moderna, a global shared service institution that examines the negative effects of drugs and vaccinations.

President Marcos was informed by Moderna executives that they intend to build a shared services center in the Philippines to serve the Asia-Pacific area.

In order to increase the number of job prospects for health professionals in the nation, Moderna Chief Commercial Officer Arpa Garay and Senior Vice President and General Manager Patrick Bergstedt announced plans to construct a “Shared Service Facility for Pharmacovigilance”.

Garay emphasized the productive public-private cooperation between Moderna and the Philippine government, which they wished to develop further.

Following his meeting with Moderna, Marcos spoke with representatives of the US-based Ultra Safe Nuclear Corporation, a vertical integrator and global leader in nuclear technologies and services.

CEO of Ultra Safe Nuclear Corporation Francesco Venneri showed interest in supplying the Philippines with safe and dependable nuclear energy, calling the move “probably a very important way for us to enter the market.”

USNC announced that it is giving the Philippines serious consideration to building its first nuclear energy station in Southeast Asia and promised to assist in resolving the string of blackouts that have affected various parts of the nation.

Regarding the weeks-long power outages in Occidental Mindoro, Venneri added, “We also note that there’s a great deal of discussion about Mindoro having blackouts and that might be an excellent…a good science [solution].”

The President then met with Atento, a BPO company that intends to open its first call center in the Philippines at the Iloilo Business Park in Iloilo City’s Mandurriao neighborhood.

The Philippine president remarked that Josh Ashby, the chief delivery officer, and Fili Ledezma Soto, the president of Atento, had made the proper choice in choosing the country as their location since “Filipinos speak and write the best English.”

“I am confident that it will be effective because it has been in the past. For quite some time, the Philippine government has relied on this sector, according to the top executive.

Officials from Maxeon, a leader in solar technology and innovation, met with President Marcos at around 5 o’clock and informed him that they planned to invest over 900 million dollars in solar energy in the Philippines in order to grow their business there.

More than 3,000 jobs will be created in the next few years, according to Bill Mulligan, CEO of Maxeon, which runs the SunPower brand in all international markets and the Maxeon brand in the US, Canada, and Japan.

After his meeting with Maxeon, Marcos had a separate meeting with a representative of Analog Devices Inc., a leading global semiconductor company that uses Intelligent Edge, to discuss ways to strengthen and expand their operations in the Philippines through academic institutions.

Analog devises General Trias Inc. (ADGTI), a subsidiary of the firm, now runs the ADI University Program in the Philippines, which consists of a variety of activities that give engineering students the chance to advance their understanding of the theory and practice of analog circuit design.

Analog, digital, and software technologies are used by ADI to create solutions that promote digital manufacturing, mobility, and healthcare, mitigate climate change, and stably link people throughout the globe.

As of 2022, ADI’s rival Analog Devices General Trias Inc. (ADGTI) employed 5,252 people and exported goods valued at about USD394 million.

The President concluded his business discussions with representatives of Optum, an American provider of healthcare services, who will spend around PHP800 million in medical business process outsourcing (BPO) in the Philippines.

The Philippines are a priority for Optum, according to John Prince, president, and chief operating officer. He praised the “strategic partnership that we have had for a very long time.”

“We have a wonderful team in the Philippines,” said Prince, adding that the investment is a part of the company’s ambitions to expand its operations. “I’m a really strong believer that amazing things happen to great teams.

With its investment in medical BPO, Optum would likely hire 1,500 Filipinos.

Former president and current Senior Deputy Speaker Gloria Macapagal-Arroyo, Speaker Martin Romualdez, Trade, and Industry Secretary Alfredo Pascual, and Presidential Communications Office (PCO) Secretary Atty. Cheloy Garafil was included in the official delegation of the Philippines during the business meetings.

The meetings also included DTI Undersecretary Ceferino Rodolfo, Special Assistant to the President Secretary Antonio Ernesto Lagdameo Jr., and Philippine Ambassador to the US Jose Manuel Romualdez.

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