The Philippines is set to welcome a 70-man delegation from the United States led by Secretary of Commerce Gina Raimondo and including 30 chief executive officers of American corporations on March 11 to 13 to explore investments in infrastructure, digital and artificial intelligence as well as manufacturing.
Philippine ambassador to the US Jose Romualdez disclosed this in a press conference on the sidelines of meetings of the Philippine-US Economic Society co-chaired by Ayala Corp. chairman Jaime Augusto Zobel de Ayala in Makati City yesterday.
Romualdez said in line with the commitment of the US to include the Philippines among seven countries eligible for funding under the CHIPS and Science Act, government and private sector would further push the local semiconductor industry to be part of the global value chain of the US particularly for factories relocating in the region.
Romualdez also noted prospects for American investments in nickel processing in the Philippines within the ambit of the Critical Minerals Agreement which calls for the US diversifying its supply.
Romualdez said US views as a concern the fact that most of the Philippines export of minerals, particularly nickel, go to China.
“We would like to be able to export many of our critical minerals specifically nickel, but we do not have processing plants to be able to export to the US. Processing plants need a lot of energy and so that is a problem,” Romualdez said.
He added: “The Philippines is very important for the US’ overall strategy. We want the Critical Minerals Agreement in place.”
But he noted some reforms are needed to welcome more investments and that these may involve charter change.
“For example, exploration of natural resources is reserved to Filipino companies. We need to have changes to have more investments and be able to compete,” Romualdez said.
He said Indonesia has no problems exporting its processed minerals to the US.
“Ours (nickel) is one of the best (in grade). Sadly all these minerals are going to China. They process it and eport it,” Romualdez added.
