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Manila Bulletin devider Opinion devider PH-US economic ties level up; logistics hub drive boosted

PH-US economic ties level up; logistics hub drive boosted

Published Mar 17, 2024 11:04 pm

E CARTOON MAR 18, 2024.jpg

Fulfilling the commitment made by President Joe Biden to President Ferdinand Marcos, Jr. when the latter visited the Unites States in May 2023, a high level trade mission headed by US Commerce Secretary Gina Raimondo visited Manila last week to discuss the expansion of trade and investment between the two countries.


At the conclusion of the mission, Secretary Raimondo announced that 12 companies have committed to invest approximately $1 billion in projects that will accelerate bilateral trade and commerce.


The proponent-firms are: Sol-Go, Ultra Safe Nuclear Corporation, and InnovationForce in the renewable energy (RE) sector; Google, Microsoft, and UltraPass ID in information technology (IT); the Apl.de.Ap Foundation International (APLFI) in e-mobility; KKR in infrastructure; Mastercard and Visa in digital economy; United Airlines for transportation, and the United Postal Service (UPS) in logistics transport. 


Drilling down into the specifics of these commitments, it is evident that these leading US firms have firmed up partnerships that are geared toward beneficial outcomes not just for their businesses but for the promotion of the Philippines’ socioeconomic growth objectives.


Lightweight solar panel manufacturer Sol-Go is seeking 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 reach 150 MW in 2025-2026.   Ultra Safe Nuclear is launching its advanced nuclear battery for a carbon-free electrical generation system with the Manila Electric Company (Meralco) that will produce clean energy.


Women-led tech firm InnovationForce is engaging Aboitiz Power to join its digital innovation platform in clean energy solutions, offering prospects for expanded  opportunities to connect with other US technology firms and access tech exports. Google and Microsoft have both embarked on 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.


Secretary Raimondo urged the Philippines to double its current 13 semiconductor manufacturing facilities to enhance competitiveness and be integrated with the global supply chain — urging the country to bank on its rich talent pool, mineral endowments and recognized expertise.


Indeed, the US trade mission’s visit goes a long way toward boosting bilateral trade and investment. Out of 230 countries, the US ranked last year as the Philippines’s third trading partner; first export market, and fifth  import source. The US is the fourth largest source of foreign direct investment (FDI) for the Philippines.


Beyond the foregoing projects, the Philippine government is hopeful that the US will favorably consider President Marcos’ invitation to actively participate in flagship infrastructure projects, including those in physical connectivity, water resources, agriculture, health, digital connectivity or telecommunications, energy, critical metals exploration and processing.


If these materialize, the country’s goal of becoming the next logistics hub for Asia will move closer to realization.

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