US Trade Mission to the Philippines Anticipates Investment Deals Worth USD 1 Billion

April 2024

The United States Presidential Trade and Investment Mission (PTIM) to the Philippines, spearheaded by US Secretary of Commerce Gina Raimondo, has heralded a significant milestone with US companies pledging over USD 1 billion in investments. This groundbreaking commitment emerged from the participation of high-level executives representing 22 US companies and business organizations during the PTIM held in Manila. The mission’s focus on priority sectors, including renewable energy, electric vehicles (EVs), digitization, and telecommunications, underscores a strategic alignment with the Philippines’ development goals outlined by the second Marcos administration.

Secretary Raimondo’s remarks during the PTIM emphasized the transformative potential of these investments, particularly in terms of job creation and skills development. The mission aims to train more than 30 million Filipinos in digital and artificial intelligence (AI) skills, positioning them for employment opportunities in emerging sectors. Partnerships forged with major tech players like Microsoft and Google are pivotal in this endeavor, as they entail training initiatives for women in AI and cybersecurity, deploying AI learning tools for students nationwide, and establishing innovation hubs dedicated to EV training, all of which contribute significantly to the country’s human capital development and economic diversification efforts.

Moreover, Secretary Raimondo highlighted the broader impact of the PTIM, signaling a deepening of economic ties and collaboration between the US and the Philippines across multiple sectors. The mission’s announcements span critical areas such as clean energy, digital financial services, telecommunications infrastructure and skills training for small and medium-sized enterprises (SMEs).

(Sources: US Department of Commerce; Philippine News Agency)

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