House Speaker Martin Romualdez and US Secretary of Commerce Gina Raimondo
SPEAKER Martin Romualdez today lauded the announcement of over $1 billion in investments from high-level US trade and investment mission firms as a significant vote of confidence in the Philippine economy.
The investment windfall, announced by US Secretary of Commerce Gina Raimondo, includes groundbreaking ventures in energy, digital upskilling, and education, particularly in areas such as artificial intelligence and cybersecurity, showcasing the strong economic ties and mutual trust between the United States and the Philippines.
“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),” Romualdez said.
“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 also highlighted the synergy between the investment plans and the government’s legislative reforms, such as the proposed amendment to economic provisions of the 1987 Constitution, designed to liberalize the economy and create 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 the Philippines in various priority sectors identified by the Manila government, including the creation of educational opportunities for over 30 million Filipinos through digital and AI upskilling programs. Special emphasis was placed on 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.
Romualdez specifically commended the 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 was also welcomed as a significant boost to travel and tourism, thereby promoting economic recovery and development.
The Speaker reiterated the Philippine government’s commitment to bolstering US-Philippine trade and investment ties, reflecting on the discussions between Philippine officials and Secretary Raimondo regarding infrastructure projects and priority sectors. He also acknowledged the push for the renewal of the US Generalized System of Preferences (GSP) program, which would benefit 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.
“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.
Romualdez expressed gratitude to US President Joe Biden for personally choosing the members of the US trade and investment mission led by US Secretary of Commerce Gina Raimondo consisting of prominent American business leaders that spent two days exploring business prospects in the country.
This, he said, is much appreciated and shows Washington’s sincerity in assisting in Philippine economic and social development hand in hand with heightened 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” the House leader pointed out.
For Romualdez, these visits have not only strengthened our over-all bilateral relations with other countries but also enhanced our status in the international community through our 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.
