US Commerce Secretary Gina Raimondo announced during her visit to the Philippines that over $1 billion in investments from 22 American companies will be coming to the country.
Raimondo, leading a Presidential Trade and Investment Mission, met with Philippine President Ferdinand Marcos Jr. and the economic team to discuss the investments aimed at creating educational opportunities for over 30 million Filipinos and promoting higher-wage jobs, telecommunications, and digitization.
Companies such as FedEx, UPS, United Airlines, Mastercard, VISA, Microsoft, and Google are reportedly increasing their investments in the Philippines. Raimondo highlighted plans for tech firms to launch training programs in cybersecurity and artificial intelligence, benefiting the semiconductor sector and boosting tourism with United Airlines adding Cebu to its route map.
The investments are expected to generate thousands of new jobs, with US companies showing interest in investing in Filipinos for professional development. Agreements have been signed with many companies, including Google, which plans to provide training and certification in digital competence to thousands of Filipinos.
The trade mission also addressed Philippine exports to the US, with requests for assistance from the US government to support Filipino manufacturing companies exporting garments. Raimondo will meet with Philippine business groups before returning to the US.
The news comes as the Philippines seeks to attract more foreign investments, with lawmakers considering amendments to the Constitution to further open up the economy. Increased foreign direct investments are seen as crucial in garnering international support amid tensions with China over the West Philippine Sea.
Source: PhilNews24 | March 12, 2024
