President Marcos Jr. returned to Manila on Monday night with $672.3 million (estimated P37.296 billion) worth of investment pledges in various sectors that were secured during his weeklong trip to the United States where he attended the 30th Asia Pacific Economic Cooperation (APEC).
The Presidential Communications Office (PCO), in a news release, said the investment pledges include: $400 million in the telecommunications sector; $250 million in the semiconductor and electronics industry; $20 million in the pharmaceutical and healthcare sector; $2 million for artificial intelligence (AI) for weather forecasting; and $0.3 million in renewable energy.
The PCO said among the specific commitments were for the deployment of the first two Internet MicroGEO satellites dedicated to the Philippines; the AI-driven weather forecasting program reached between the Department of Science and Technology and US-based company Atmo; and the establishment of the first oncology and cancer specialty hospital between Ayala Corp. Health and Varian Medical Systems.
Also secured during the trip were the agreement for the establishment of the first US Food and Drug Administration-approved manufacturing facility in the Philippines, which will bolster the country’s global pharmaceutical industry presence, between Lloyd Laboratories and Difgen; and the first phase for a project on sustainable energy between Manila Electric Co. and Ultra Safe Nuclear Corp.
PCO said the Philippines and the US have also agreed to work towards strengthening the country’s semiconductor supply chain which is expected to result in additional investments of $1 billion for the semiconductor industry.
The President flew to San Francisco last November 14 to attend the APEC Summit which was followed by working visits in Los Angeles last November 17 and in Honolulu, Hawaii on November 18.
In Los Angeles, Marcos visited the SpaceX facility of US technology giant Starlink to improve internet connectivity in the country.
He had directed Department of Information and Communications Technology Secretary Ivan Uy to look into a possible agreement between the Philippines and Starlink, as he emphasized the need to find appropriate technology that would best suit the archipelagic characteristic of the country.
Before leaving Hawaii on Sunday (Monday in Manila), the President talked about the emerging popularity of AI technology and how it could benefit the country.
Speaking before the Daniel K. Inouye Speaker Series, Marcos noted the advantages and disadvantages in the use of AI which he likened to a double-edged sword due to some “sinister uses of artificial intelligence.”
He said the Philippines would continue to look to the US and other technology leaders to learn from them, and be guided about the challenges and lessons that they have learned.
The country would look for and adopt the most applicable and workable technology suited to it, he added.
