US firms investing over $1 billion in Philippines

MANILA, Philippines — Firms that are part of a high-level US trade and investment mission to the Philippines are planning to invest over $1 billion in the country in various areas, including energy and upskilling projects.

At a press conference yesterday, US Secretary of Commerce Gina Raimondo said these firms are set to announce the investments to be made in priority sectors identified by the Manila government.

“On this trip alone, these companies are announcing over a billion dollars of US investments, including creating educational opportunities for over 30 million Filipinos in the form of digital upskilling, AI (artificial intelligence) upskilling digital training,” Raimondo said.

She added that Microsoft Corp., in particular, is set to partner with the Technical Education and Skills Development Authority to train over 100,000 Filipino women in AI and cybersecurity.

There will also be an announcement on an electric vehicle education center to train Filipinos for jobs in the fast-growing industry, according to the US government official.

There would also be investments in solar and nuclear projects to support the Philippines’ energy and climate goals.

Also part of the upcoming projects is a new airline route to open up travel and tourism to Cebu.

Raimondo is leading the US Presidential Trade and Investment Mission currently in the country.

She is joined by top executives of GreenFire Energy Inc., Google Asia Pacific, Black & Veatch Corp., Visa Inc., EchoStar/DISH, InnovationForce, United Airlines, United Parcel Service, Boston Consulting Group, KKR, Marquis, Sol-Go, Capital One, Bechtel, Apl.de.Ap Foundation, FedEx, Mastercard, Microsoft Corp., UltraPass ID, Ultra Safe Nuclear Corp., President’s Export Council and the US-Association of Southeast Asian Nations (ASEAN) Business Council.

Special Assistant to the President for Investment and Economic Affairs Frederick Go said the Philippine government encouraged US firms comprising the mission to participate in the country’s infrastructure projects, as well as to take a closer look at priority sectors such as semiconductors, electronics, food and agriculture production industries and green minerals.

Go added that