Marcos’ visit to the US resulted in $1.3 billion in investment commitments and 6.7 thousand new jobs.
President Ferdinand R. Marcos Jr. claimed on Thursday that his five-day official trip to the United States had resulted in investment commitments worth at least USD1.3 billion (PHP71.8 billion), potentially adding 6,700 new employment for Filipinos.
In his post-visit report, Marcos said that he had successfully persuaded numerous American business organizations to establish new operations or expand their current ones in the Philippines. He further noted that these investment commitments reflect confidence in the viability of doing business in the nation.
“They are all devoted to participating in the development process that we have begun. With over USD 1.3 billion in investment commitments, we will return to the Philippines with the potential to add 6,700 new employment for Filipinos there, added Marcos.
“When these investments are made, they will aid in the efforts of our nation to restore its economy and fortify the underlying structures of our financial system. Once these companies solidify their strategy, we anticipate substantially more investment.
The President said that by partnering with these investors, the government could tackle some of the nation’s most pressing economic problems, including food, energy, health security, digital connection, and the overarching problems of climate change and pandemic preparedness.
To ‘follow through’ with PH
Furthermore, Marcos referred to his high-level meetings with US representatives as “productive,” adding that the Philippines would carry out these agreements.
“I look forward to having our respective teams carry out the many areas of cooperation that we have identified, which will help advance our key priorities concerning agriculture and food security, promoting energy security as we transition to clean energy, and boosting trade and building the resilience of our supply chains, as well as reducing and adapting to climate change,” he said.
He applauded the US government’s and its corporate leaders’ initiatives to “expand collaboration with the Philippine government and our universities to support the continued growth of local talent.”
Marcos claimed that the strengthened collaborations between Manila and Washington in the areas of clean energy, food security, and digital infrastructure would be of the greatest mutual benefit to both countries during his policy speech at the Center for Strategic and International Studies (CSIS) in Washington, DC.
He emphasized how crucial it would be to advance collaboration on energy, green metals, and the Philippines and US’s shared climate agenda.
According to Marcos, the nation is interested in partnering with the US to process metal for American battery applications.
The demand for inputs of essential energy resource minerals, such as cobalt and nickel, which just so happens to be highly abundant in the Philippines, has surged due to the growing deployment of clean technologies, he said.
By the Inflation Reduction Act, Marcos stated that the Philippines is willing to cooperate with the US government and assist in locating sources of unprocessed and processed materials for battery production to support its “National Blueprint for Lithium Batteries.”
While both nations continue collaborating on other capacity-building projects under other strategic civilian nuclear cooperation memorandum of agreement, Marcos hopes to advance conversations with US companies that provide nuclear technologies for government and commercial usage.
He expressed his views to US President Joe Biden, describing the procedure as a “critical undertaking technical cooperation” and possible US investments in using geographic information systems, remote sensing, and artificial intelligence in the baseline and change detection of terrestrial, coastal, and marine ecosystems.
This will help us build our geospatial database and give us the tools we need to promote science-based policymaking in our nation, he continued.
The CSIS is a nonprofit, nonpartisan organization that conducts policy research and is committed to finding workable solutions to society’s most pressing problems.
Speaker of the House of Representatives Martin Romualdez, Foreign Affairs Secretary Enrique Manalo, Philippine Ambassador to the United States Jose Manuel Romualdez, Officer in Charge of the Department of National Defense Carlito Galvez Jr., Environment Secretary Maria Antonia Yulo-Loyzaga, Trade Secretary Alfredo Pascual, Communications Secretary Cheloy Velicaria-Garafil, and Special Assistant to the President Secretary Antonio Lagdameo Jr. all attended the meeting with the president.
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