US firms commit to invest $1.3 billion in Philippines – Pascual

MANILA, Philippines — The Philippines secured $1.3 billion worth of investment pledges from American firms during President Marcos’ visit to the United States, according to Trade Secretary Alfredo Pascual.

According to the Department of Trade and Industry (DTI), these pledges are expected to directly generate about 6,700 employment opportunities.

“Enhancing bilateral relationships with other countries, including our neighboring countries in Asia plays a significant role as the Philippines pursues economic recovery and expansion post-pandemic,” the DTI said.

“Further, this is crucial in addressing global challenges, while promoting peace, stability and economic growth,” it added.

During the President’s visit to the US, Marcos and Pascual met with representatives from various American companies during a series of one-on-one business meetings at the Blair House.

Among these companies were biotechnology firm Moderna, which announced plans to set up an enterprise solutions hub in the country and provide business services across  Asia-Pacific.

During the meeting, Pascual highlighted the Philippines’ readiness to do business with the US.

Pascual also discussed the priority sectors of the Philippines targeting US investments such as IT-BPM, healthcare, semiconductors, electric vehicles and electric batteries, renewable energy, and food and minerals processing.

“The Philippines’ health information management services, a sub-sector of IT-BPM is growing, with over 17,000 full time employees as of February 2023. Part of the advantages of the Philippines in the health information sector is the country’s young, tech-savvy, and English-speaking population,” Pascual said.

Pascual also met with Maxeon Solar Technologies, a global leader in solar innovation,  which plans to bring its latest solar technology, Max7 to the Philippines.

“With this project, the most advanced solar cells in the world will be manufactured in the Philippines,” Pascual said.

The President and the Philippine delegation also met with other American companies such as Nuscale and Ultra Safe Nuclear Corp., that are at the forefront of  small and micro modular reactor technologies; Zero Motorcycles, a high-end electric motorcycles manufacturer; Atento, a leading company involved in customer relationship service and business process outsourcing; Analog Devices, a major semiconductor company; and Optum (UHG), Inc., the biggest healthcare provider in the US.

The DTI said Atento has decided to set up its first call center in the Philippines at the Iloilo Business Park, with an initial investment of P21.4 million. Atento  will offer both voice and non-voice services to US clients  and plans to employ about 1,000 workers during the first year of its  operations in the Philippines.

In addition, Optum will invest P800 million to set up a health information management services   operations in Davao, which will generate 1,500 jobs, while Analog Devices will set up a research and development center and hire an additional 1,000 engineers for semiconductors.

After the President’s visit to the United States, Pascual will next travel to Indonesia to attend the upcoming 22nd ASEAN Economic Community Council (AEC) and the 42nd ASEAN Summit from 6-11 May 2023.

The DTI said this an opportunity for the Trade secretary to discuss, together with his foreign counterparts from the ASEAN region, the Philippines’ trade, investment, health and agricultural priorities.