US and Philippine governments' trade and commerce chiefs have agreed to pursue key investments in power generation, mineral processing and infrastructure in the Philippines.
Trade and Industry Secretary Alfredo Pascual reported after meeting with and US Secretary of Commerce Gina Raimondo. Pascual is in New York as part of the government official entourage of President Ferdinand Marcos Jr., who attended and delivered his speech at the UN General Assembly in New York.
In his meeting with Raimondo, the DTI chief shared his intention to attract more US investments in power generation, especially in the field of renewable energy such as geothermal, solar, and wind power for the Philippines. This is in line with the government’s plan to address the energy supply and the rising cost of traditional power generation in the country through untapped resources.
Pascual said they also agreed to conduct an infrastructure business matching between the Philippines and the American businesses.
In addition, Pascual requested Raimondo’s support for the reauthorization of the US Generalized System of Preferences (GSP) that will provide duty-free privileges to several Philippine-made products exported to the US.
Aside from scaling up the renewable energy sector, the Philippines also wants to explore investment opportunities in green metals in partnership with US firms. The Philippines has vast resources of nickel and cobalt which are key inputs for battery manufacturing, and copper, which is an important input for the production and manufacture of technology products.
“These investments are timely as we promote the e-vehicle industry and production of high technology products in the Philippines,” said Pascual.
“The Philippines wants to add value by processing these mineral resources instead of simply exporting ores,” Pascual told Raimondo.
Earlier, DTI said the US government will extend a grant for the Philippines’ nickel ore processing for the manufacture of batteries through a partnership with an American firm.
The trade chief also highlighted the key policy reforms that enable, among others, 100 percent foreign ownership in key sectors such as telecommunications, shipping, air carriers, railway, and subways.
“Attracting foreign investments into our country is a top priority of the new Administration. We will build on recent policy reforms, particularly amendments to the Foreign Investments Act, Public Service Act, and Retail Trade Liberalization Act,” the Trade chief said.
With the country’s participation in the US led Indo Pacific Economic Framework (IPEF), Pascual expressed the desire of the Philippines to further closely engage with the United States in promoting and generating investments while advocating labor rights, environment and good governance.