Not even the impending change in administration in the United States can stop American businessmen from expanding their presence in the Philippines amid rosier economic prospects here.
"Across the Philippine economy, US companies have helped grow key sectors such as the digital economy, semiconductors, and tourism. These companies represent the gold standard for foreign investment, upholding high labor and environmental standards, world-class training, and strong corporate social responsibility programs," US Undersecretary of Commerce for international trade Marisa Lago noted during a press briefing on Wednesday, Nov. 13.
Lago is in Manila to lead the US Department of Commerce's first-ever smart cities trade mission to the Philippines and Indonesia.
"US business leaders are bullish about even more trade and investment opportunities in the Philippines," Lago said.
Lago brought with her 12 American firms providing artificial intelligence (AI), biometrics, construction, cybersecurity, engineering and rail technologies for sustainable urban infrastructure in Philippine cities as well as the up-and-coming New Clark City, which forms part of the Luzon Economic Corridor to be jointly developed with the US and Japanese governments.
"Some of these companies already have a presence in the Philippines and are looking to expand. Others are exploring opportunities in this dynamic market for the first time," the US official said.
On the sidelines of the trade mission, Department of Transportation (DOTr) Secretary Jaime J. Bautista signed a memorandum of agreement (MOA) with UltraPass Identity Asia Inc. president Eric Starr, under which the New York-based firm shall establish a passenger biometrics processing system in Philippine airports.
To be piloted at Iloilo Airport, Bautista said biometric data to be embedded in the national ID among Filipinos as well as foreigners' passports will make it convenient for both local and foreign passengers to pass through check-in, security and boarding gates.
Also, Bautista said it will enhance security protocols in line with the push for digitalization in the domestic aviation sector.
"We hope other agencies will support this innovation. Sustaining this initiative will require close inter-agency collaboration," the DOTr chief said.
"By keeping in step with best international practices, and with the cooperation of private concessionaires of airports, we can elevate Philippine aviation to global standards," he added, citing that major airports overseas are already using biometric technology.
As a whole, Lago pointed to an "incredibly strong, and growing" economic relationship between the Philippines and the US, making them "partners in prosperity."
She cited that bilateral trade in 2023 exceeded $22 billion, while the US is the top destination of Philippine exports.
"US companies are among the Philippines' largest investors, private employers, and taxpayers. And these companies have been present for decades -- in some cases, for over a century. US investments have generated millions of well-paying jobs for Filipinos, supporting families across the archipelago. In fact, the largest employer in the Philippines is a US company that employs over 100,000 people," she pointed out.
In a Nov. 13 statement, US-ASEAN Business Council (USABC) chairman Jeffrey Perlman congratulated US president-elect Donald J. Trump and said the group "looks forward to collaborating with the incoming Trump administration on issues related to Southeast Asia, a region that USABC and its 180 member-companies have been dedicated to since 1984."
USABC, which groups the biggest American corporations operating in the Association of Southeast Asian Nations, including the Philippines, said Trump's forthcoming return to the White House presents "opportunities to deepen US-ASEAN ties through trade agreements, particularly in digital trade, investment protection, and cross-border data flows."
"Strengthening critical supply chains in minerals and semiconductors will enhance regional resilience and US economic security. Aligning with ASEAN's Digital Economy Framework Agreement and investing in infrastructure such as IT [information technology] and energy will further bolster strategic collaboration," the group added.
USABC recalled that the previous Trump administration in 2017 to 2021, which focused on "free and fair" trade, had "enhanced US-ASEAN relations by fostering balanced economic cooperation and addressing trade imbalances."
"By prioritizing fair practices, this approach seeks to ensure reciprocal market access, reduce trade barriers, and address trade imbalances that affect both US and ASEAN economies," it said.
"President-elect Trump's previous administration laid a strong foundation with the Free and Open Indo-Pacific Strategy, promoting a secure, open, and rules-based region rooted in principles such as freedom of navigation, respect for sovereignty, and equitable economic practices. Moving forward, continuity in this strategy under the next Trump administration would strengthen regional partnerships, foster economic resilience, and promote stability," according to USABC.