San Francisco – President Ferdinand R. Marcos Jr. of the Philippines achieved a significant milestone by securing investment pledges totaling USD 672,300,000 across various sectors during his participation in the 30th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in San Francisco, California last week.
According to Philippines News Agency, the investment pledges include USD 400 million for the telecommunications sector, USD 250 million for semiconductor and electronics, USD 20 million in pharmaceutical and healthcare, USD 2 million for artificial intelligence (AI) in weather forecasting, and USD 0.3 million in renewable energy. President Marcos also garnered significant commitments in technological advancements, particularly for the Philippines. This includes the deployment of the first two Internet MicroGEO satellites dedicated to the Philippines and the development of Asia's largest AI-driven weather forecasting program, in collaboration with the US-based company Atmo.
Furthermore, the agreements reached during the APEC summit include the establishment of the Philippines' inaugural specialty oncology hospital in a deal between Ayala Corporation Health and Varian Medical Systems. This initiative aims to improve service efficiency and accessibility for Filipino patients seeking cancer care. Another significant development is the first US FDA-approved manufacturing facility in the Philippines, set to enhance the country's global pharmaceutical industry presence, through an agreement between Lloyd Laboratories and Difgen.
The agreements also cover a sustainable energy project's first phase, aimed at providing affordable and reliable power access, through a collaboration between Meralco and Ultra Safe Nuclear Corporation. Additionally, an investment of USD 1 billion for the semiconductor industry is under discussion with US companies, aiming to strengthen the Philippines' semiconductor supply chain.
Speaker Martin Romualdez lauded these investment pledges as a testament to the international community's confidence in President Marcos' leadership. He highlighted the potential positive impact of these investments on job creation, infrastructure development, and the overall economic growth of the country. Romualdez commended President Marcos for his adept leadership and diplomatic prowess, which were instrumental in securing these commitments.
Romualdez also expressed his gratitude to President Marcos for his exemplary representation of the Philippines and his tireless efforts to attract investments beneficial to the Filipino people. He assured that the House of Representatives is committed to working collaboratively with the Executive branch to ensure the smooth implementation of these investment commitments and partnerships, supporting any legislative measures necessary for their success.