'PH must prepare for US polls outcome'

(UPDATE) SENATE Committee on Foreign Relations head Sen. Imee Marcos said the Philippines should prepare for the impact of the outcome of the US elections, noting it could trigger rapid and significant shifts on American policies on defense, immigration and investments.

Marcos added that it was yet to be known whether the next US president would push for an expanded military presence in the Philippines and preserve the current defense funding assistance level.

She said the best option for the country is to fully implement the Self-Reliant Defense Posture Revitalization Act amid the rising tension in the region.

Senator Imee Marcos. FILE PHOTO BY J. GERARD SEGUIA

The senator said the political and economic stability of the US is integral to world economic stability, and it is but natural for any American president to prioritize American interests.

Marcos added that stricter US immigration policies could lead to the deportation of thousands of undocumented Filipinos in the country.

At the same time, efforts to bring American companies back onshore could result in decreased direct investments and reduced business process outsourcing jobs in the Philippines.

Advertisement

The senator lamented that the government has missed to secure significant foreign investments under the US «friend-shoring» policy, noting the manufacturing sector in the Mactan Export Processing Zone and other ecozones has been «languishing.»

Several global firms have decided to upscale their operations in Southeast Asia but bypassing the Philippines. Earlier this year, American multinational consumer goods corporation Procter & Gamble announced plans to invest $100 million to expand its factory production in Vietnam.

Meanwhile, Microsoft revealed plans for $1.7 billion in investments in Indonesia's artificial intelligence and cloud facilities.

Google committed $1 billion to Thailand to build a data center and accelerate AI growth.

Advertisement

«Aside from boosting domestic demand, we must also attract investments into the country and revive our manufacturing sector. To do that, we must make our country attractive to investors by bringing down the power cost and making it easier for them to avail of