Twelve out of the 22 US companies that participated in the US Presidential Trade Mission to the Philippines have announced partnerships and projects with Filipino firms.
The 12 companies account for the bulk of the over $1 billion recently completed or anticipated investments disclosed by US Commerce Secretary Gina Raimondo during their two-day visit to the Philippines.
The 12 disclosed by the US Department of Commerce in a statement released on March 13 include Sol-Go, Ultra Safe Nuclear Corporation, and InnovationForce for their projects under the renewable energy (RE) sector; Google, Microsoft, and UltraPass ID for information technology (IT); the Apl.de.Ap Foundation International (APLFI) for e-mobility; KKR for infrastructure; Mastercard and Visa for digital economy; United Airlines for transportation, and the United Postal Service (UPS) for logistics transport.
Ultra Safe Nuclear said it is expecting to launch its advanced nuclear battery for a carbon-free electrical generation system with the Manila Electric Company (Meralco). The company's initial project assessment on the integration of nuclear solutions to produce clean energy has been sent to Meralco, with the groundbreaking scheduled for 2028.
Meanwhile, lightweight solar panel manufacturer Sol-Go is aiming to expand its $500,000 factory investment in Lipa City to achieve 15 megawatt (MW) capacity by this year, with an additional $5 million investment to each 150 MW by 2025 to 2026.
Women-led tech firm InnovationForce is also in talks with AboitizPower to join InnovationForce's digital platform to grow innovation in clean energy solutions, promising to offer opportunities for AboitizPower to connect with other US technology firms and access tech exports.
Google and Microsoft have both announced upcoming upskilling and training programs for Filipinos. In partnership with the Department of Trade and Industry (DTI), Google will roll out Google Career Certificates in 50 DTI virtual campuses, including 1,300 DTI Negosyo Centers. It also aims to complete the Taiwan-Philippines-United States subsea cable system by late 2025.
Microsoft is collaborating with DTI, the Department of Budget and Management (DBM), and the Bangko Sentral ng Pilipinas (BSP) on the use of the Microsoft 365 Copilot chatbot tool and Azure OpenAI for agencies.
It has also committed to train 100,000 Filipino women on artificial intelligence (AI) skills, and give internet access to a million Filipinos with the help of the Technical Education and Skills Development Authority (TESDA) and Unconnected.org respectively.
UltraPass ID, DBM, and NOW Corporation signed an agreement on March 12 for the implementation of UltraPass’s Decentralized Trust Platform for biometric authentication and data sharing within government applications, and IT systems in Asia.
KKR said it will continue to invest $400 million in telecom tower operator Pinnacle Towers, with plans to develop and acquire 2,000 towers to support digital connectivity.
KKR Head of Asia Pacific Infrastructure David Luboff announced in a press conference on March 12 that the company has so far invested $1.7 billion in the Philippines since their first engagement in the country, covering the healthcare industry via Metro Pacific Hospitals, infrastructure, financial technology via Voyager, and RE.
It has also closed the largest infrastructure fund to be raised in Asia at $6.4 billion, wherein 10 investments have already been made contributing to 55 percent of the fund.
Visa has signed a two-year memorandum of understanding (MOU) with the DTI - Philippine Trade Training Center (PTTC) to educate micro, small, and medium enterprises (MSMEs) on financial and business literacy, aligned with its $100 million pledge to upskill MSMEs in the Asia Pacific region.
Meanwhile, Mastercard is launching tech platform Boost Capital to provide 10,000 small businesses with access to digital financial services and credit, as well as providing financial service providers with AI tools and data.
United Airlines will soon begin year-round, non-stop flight services from Cebu to Tokyo, while UPS will train 500 SME representatives on the APEC Business Advisory Council (ABAC) Supply Chain Resilience Toolkit through a capacity building program.
APLFI’s will also launch the country's first Electric Mobility Education and Development Center to train individuals on electric vehicle (EV) technology, and construction of necessary charging infrastructure for EVs.
Outside of the delegation, the US Commerce Department also shared that three non-Mission companies also have Philippine projects in their pipeline, beginning with a $400 million agreement between Energy startup Ally Power and Philippine electric retail supplier MPower to build a hydrogen and electric refueling station.
Meta, which owns social media apps like Facebook and Instagram, have also invested in the Pacific Light Cable Network international submarine cable system, which will connect the US with locations in Luzon, to be launched on March 25.
Finally, Vita Coco will expand its partnership with Century Pacific Food, Inc., by creating 1,500 new jobs and planting up to 10 million tree seedlings in its sourcing communities over the next seven to 10 years.
“I’m deeply appreciative of the opportunity to lead this Presidential Trade and Investment Mission on behalf of President Biden to demonstrate the innovation and possibilities that come from partnering with American companies,” said Raimondo.
“The Indo-Pacific includes some of the most dynamic economies in the world. It was an honor to lead the first-ever trade mission of this nature to the Philippines and to underscore the immense potential, which is evident in the more than $1 billion of investments from this mission alone.
"We share an important relationship with the Philippines and I believe the work we accomplished over these last few days will make our partnership even stronger,” she added.