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Manila Bulletin devider Philippines devider National devider Marcos secures $672.3-M investment pledges in 3rd US trip

Marcos secures $672.3-M investment pledges in 3rd US trip

Published Nov 20, 2023 03:45 am

The Philippines has secured $672.3 million in investment pledges from various sectors during President Marcos' third visit to the United States.

BBM in USA.jpg
President Ferdinand 'Bongbong' Marcos Jr. (Photo courtesy of PCO)

According to Malacañang, the investments are as follows: $400-million for the telecommunications sector; $250-million for semiconductor and electronics; $20-million in pharmaceutical and healthcare; $2-million for artificial intelligence (AI) for weather forecasting; and $0.3-million in renewable energy.

The President also secured commitments in technological advancements across key priority sectors in the Philippines, which include the deployment of the first two Internet MicroGEO satellites dedicated to the Philippines. 

Other pledges also include technology-related commitments particularly in the development of Asia’s largest AI-driven weather forecasting program for the Philippines, bolstering the country’s resilience against climate change through the agreement between the Department of Science and Technology (DOST) and the US-based company, Atmo.

The country also secured the Philippines’ inaugural specialty oncology hospital that will enhance service efficiency and accessibility for Filipino patients seeking cancer care. It was a subject of an agreement between Ayala Corporation Health and the Varian Medical Systems. 

Moreover, the first US FDA-approved manufacturing facility in the Philippines, which will bolster the country's global pharmaceutical industry presence, through an agreement between Lloyd Laboratories and Difgen, was also finalized. 

The agreement covering the 1st Phase for a project on sustainable energy, which will provide affordable and reliable power access through the agreement between MERALCO and Ultra Safe Nuclear Corporation, was also signed. 

Additional investment of $1 billion for the semiconductor industry is also up for discussion with US companies. 

The Philippines and the US have also agreed to work towards strengthening the Philippines’ semiconductor supply chain.

Marcos is set to return to Manila on Monday night, concluding his weeklong trip to the US for his participation in the 30th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting and related activities in San Francisco, California and working visit in Los Angeles and Honolulu, Hawaii. 

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