The investment pledges across multiple sectors that President Ferdinand "Bongbong" Marcos has secured during his visits to various countries have begun taking shape, Malacañang said.
Citing a Trade official, Communications Secretary Cheloy Garafil said in a statement that the Fiscal Incentives Review Board (FIRB) approved last Friday a project commitment by a Singaporean company for the operation of a 23-megawatt data center.
A US company is establishing two data centers—200 megawatts each, somewhere in Northern Luzon following the President's visit to the United States.
In addition, Elon Musk's Starlink is setting up its low-earth orbit satellite-based internet services in the country, making the Philippines Asia's first to have this type of service.
In a media forum, Lanie Dormiendo, the head of the International Investments Promotion Service of the Board of Investments (BOI), said this project resulted from the President's visit to New York in September last year.
The Philippines' IT-BPM sector also gained a lot of interest, with eight projects being approved and half of those being worked out for registration with more than US$23 million worth of investments.
Regarding manufacturing, Dormiendo said one European and one US FMCG are establishing a state-of-the-art manufacturing facility in the Philippines, with one securing a registration with the BOI.
The Trade official added that there was "a lot of excitement" in the Philippines' hosting of a French shipbuilder in the country, which is just finalizing its agreement with the government to establish a shipbuilding facility.
The French company has an existing domestic ship repair facility.
Regarding the President's recent visit to China, Dormiendo said a Chinese company would set up a US$3.5-billion integrated steel mill in the Philippines through a tie-up. This would fill the gap in the country's steel requirement.
"We also met last week a Chinese company that will be building EV facility. They plan to manufacture three types of e-vehicles in the country with more than one billion dollars worth of investments," she said, pointing out that investments in electric vehicle (EV)-related industries are also gaining momentum.
According to Dormiendo, the BOI is registering Filipino-Chinese entities, which formed three companies, to set up three types of operations -- leasing and public utility servicing for e-vehicles, bringing in 10,000 e-vehicles for lease and for public utility use, as well as setting up charging stations.
"This is up for approval with FIRB with almost one billion dollars of investments," the BOI official said.
In terms of renewable energy, Dormiendo said officials of two Dutch companies they met in Europe on the sidelines of Marcos' visit to Brussels had already visited the country for their waste-to-energy and micro hydro-power plant project in the Philippines.
Providing an update on the status of the investment commitments generated from the Presidential visits, Dormiendo said data shows the country generated around US$63 billion in terms of investment commitments.
Those commitments comprised 116 projects in different stages in the approval process, with some having signed letters of intent (LOI) or memorandum of understanding (MOU), the DTI executive said.