Philippine Ambassador to the US Jose Manuel Romualdez said the Marcos administration should adopt a “very aggressive” investment drive to the US as more American companies are starting to diversify from China to the ASEAN region.
Romualdez emphasized the need for heightened investment drive in the US during the virtual Kapihan sa Manila Bay forum on Wednesday, July 13, as he cited of the potential American investors going to the Philippines as both countries are currently experiencing better diplomatic relationships.
“We have to be very aggressive because other ASEAN countries they're also there,” he said citing Vietnam and Thailand as Philippines biggest competitors.
While Romualdez is currently in Manila, he will meet with Finance Secretary Benjamin E. Diokno to discuss investment drive together with members of the economic cluster as he expects more in-person forum happening in the US.
Romualdez shared that while that ASEAN ambassadors in Washington D.C. are good collaborators with each other, they know that they competing with each other for American investments. “We are we're collaborators by night, but gladiators during the day,” he said in jest.
In the past Duterte administration, Romualdez had worked with Diokno, then central bank governor, and former Finance Secretary Carlos G. Dominguez in promoting investments in the US even during the pandemic.
In fact, they were successful in getting Cerberus, an American financial company, that was able to put a whole package to rehabilitate the mothballed Hanjin Shipyard in Subic Freeport.
“We work on that for two years,” he recalled.
The US financial company will manage the Hanjin facility, which not only build ships upon orders, but will be a ship repair hub not only from the US, the Philippines, Australia and Japan but many more because Subic has a strategic location.
At present, the shipyard is employing about 1,000 workers but employment could hit as many as 30,000 once it is in full commercial operation.