Philippines Attracts New U.S. Investment Intentions Following High-Level Visit

Manila, Philippines – The recent official visit of a high-level Philippine delegation, led by President Ferdinand R. Marcos Jr., to the United States has resulted in a significant expression of investment interest from American companies, according to the Department of Trade and Industry (DTI) Secretary Alfredo Pascual.

According to Philippines News Agency, In a press conference held in Makati City, Secretary Pascual reported that the initiatives showcased by the Philippine government, aimed at making the country an attractive destination for investments, have prompted additional and fresh expressions of interest from U.S. firms. President Marcos, in his arrival statement on Monday evening, announced that the delegation secured USD 670 million worth of investment pledges from U.S. companies. These investments are anticipated to create thousands of direct and indirect job opportunities for Filipinos.

Pascual noted that the total investment amount might be even higher, as some interests expressed by U.S. firms have not yet been quantified. He emphasized that the current figure does not represent the full scope of the American companies’ interest in investing in the Philippines.

One notable instance mentioned by Pascual is a semiconductor company initially planning to invest USD 250 million in the Philippines. However, after learning about the government’s support for investors, the company is now considering increasing its investment to USD 1.2 billion. Pascual clarified that these figures are based on expressions of interest and do not yet reflect finalized amounts.

Additionally, Pascual revealed that two U.S. companies are exploring the possibility of introducing technology to reduce electricity consumption in data centers. During the six-day trip that included stops in San Francisco, Los Angeles, and Honolulu, Pascual met with representatives from 15 U.S. companies, pitching the Philippines as a potential investment hub.

The increased investment interest from U.S. firms underscores the success of the Philippine delegation’s efforts to attract foreign investments and bolster economic growth in the country.