THE Presidential Communications Office (PCO) has summarized investment pledges received and cooperation agreements the Philippines inked with American private and government entities as a result of President Ferdinand Marcos Jr.’s recent trip to the United States.
In a published chart titled “Aggregate Investment Leads Acquired During the US Working Visit,” the PCO summarized the perceived economic gains from that Marcos trip according to sectors intended to be benefited. The President was in the US from Nov. 15 to 21.
The PCO said the investment pledges are in the following sectors of the economy: telecommunications, $400 million’ semiconductor and electronics, $250 million; pharmaceutical and healthcare, $20 million, AI for weather forecasting, $2 million; and renewable energy, $0.3 million.
If these investment pledges — worth $672,300,000 — see the light of day or if even half of these promises are fulfilled, it would mean a big leap for the Philippine economy and plenty of jobs for Filipinos.
‘The nation will await the transition of these business plans and pledges into actual operation, hoping that Filipinos will benefit in terms of jobs created and revenues generated by the government.’
It was reported that five major agreements were signed between businessmen from the Philippines and the US, all aimed at ramping up investments. These accords are expected to enhance the investment climate in the Philippines, generate hundreds of new jobs for local workers, and push the nation to a new age of technological advancement and innovation.
One is the collaboration between Filipino and American companies, aimed at deploying the Philippines’ first-ever internet satellites to improve connectivity in far-flung areas of the country.
Marcos witnessed the signing of an agreement between California-based company Astranis Space Technologies and Philippine-based satellite firm Orbits Corp. on the sidelines of the 2023 Asia-Pacific Economic Cooperation Summit in California.
Through the partnership, Orbits and Astranis will deploy the first two internet satellites dedicated to the Philippines, a program that is expected to generate $400 million in investment in the next eight years.
Another important accord is the PH-US nuclear power cooperation agreement which provides the nation access to nuclear technologies of American companies.
The Manila Electric Company (Meralco) and Ultra Safe Nuclear Cooperation (USNC) signed an exploratory agreement on micro-modular reactors. The cooperative accord with the US-based nuclear developer will afford Meralco to study the deployment of “one or more” small modular reactors in the country.
Under the agreement, USNC will conduct a four-month prefeasibility study to “familiarize Meralco with its proprietary micro-modular reactor (MMR) energy system and assess how this could be effectively used locally.
Meralco chairman Manuel Pangilinan is backing this effort, saying “USNC is changing the nuclear safety and energy security conversation in the Philippines with these micro-modular reactors. The agreement moves us forward with a partner who understands these important issues alongside the essential nature of the cost and reliability of the electric supply.”
Energy Secretary Raphael Lotilla said this development “facilitates bilateral cooperation in a wide array of other peaceful uses of atomic energy including plant breeding, livestock production, insect pest control, soil and crop management, water use efficiency, plastic waste disposal, food safety, health and medicine.”
The nation will await the transition of these business plans and pledges into actual operation, hoping that Filipinos will benefit in terms of jobs created and revenues generated by the government.
