Romualdez sees surge in US investment flow into Philippines

Romualdez sees surge in US investment flow into Philippines

MANILA, Philippines — House Speaker Ferdinand Martin Romualdez is confident that the country will see an upsurge in investments from the United States, following the successful Philippine-US-Japan trilateral summit and dialogue between Philippine officials and American investors in Washington D.C.

Romualdez in a statement on Monday said that during the dialogue, several American investors have expressed their desire to expand operations in the Philippines.

The Speaker said officials like Finance Secretary Ralph Recto made a pitch to US business executives during the said dialogue about the Philippines being an attractive investment hub.

“The Philippine Dialogue marked a significant milestone in our efforts to foster robust economic partnerships with the United States,” Romualdez said.

“The enthusiastic response from American investors who recognize the immense potential and opportunities that the Philippines has to offer is a strong indication that our country is poised to attract substantial investments from US corporations seeking lucrative opportunities abroad,” he added.

Investor confidence in PH

According to Romualdez, who attended the dialogue, the country’s strong financial status increases the confidence of businesses in investing in the Philippines.

“The Philippines’ steadfast adherence to fiscal discipline and prudent debt management has garnered international acclaim, bolstering investor confidence and positioning the nation as a beacon of stability and growth in the Asia-Pacific region,” he said.

“This landmark gathering reaffirmed the strong bonds of friendship and cooperation between the Philippines, the United States, and Japan, laying the groundwork for enhanced collaboration in various strategic areas, including trade, investment, and security,” he added.

READ: Marcos: $100 billion investments into PH for next 5-10 years feasible

Before the trilateral summit, Philippine Ambassador to the US Jose Manuel Romualdez said that $100 billion worth of investments from the US and Japan could flow into the Philippines in the next five to 10 years.

Ambassador Romualdez said this can be made possible if the Philippines gets a share of the US semiconductor business, which is worth $80 billion in the Asean region alone.

$100-B investment target

President Ferdinand Marcos Jr. said attaining the $100 billion investment is possible because it was not merely a promise, but an actual target set during the trilateral meeting.

READ: Trilateral event at Indo-Pacific forum to eye Luzon corridor investments

During the trilateral meeting,  the heads of state of the countries affirmed plans to put more investments into the Philippines, like the promise of holding a trilateral event on the sidelines of the upcoming Indo-Pacific Business Forum.

According to the joint statement of President Ferdinand Marcos Jr., US President Joe Biden, and Japanese Prime Minister Kishida Fumio, this will facilitate more investments into the newly-launched Luzon Economic Corridor.

Both the US and Japan also pledged assistance for the Philippines’ field trials of an Open Radio Access Network (RAN) — a next-generation internet system believed to ensure a secure and reliable information communications technology (ICT) ecosystem for the country.

READ: US, Japan pledge $8M to PH for Open Radio Access Network field trials

With this in mind, Speaker Romualdez said they in the House of Representatives will continue to support Marcos’ goal to achieve upper middle-income economy status by 2025.

“As we continue to chart a path towards sustainable economic development and prosperity, the House remains steadfast in our support for President Marcos, Jr. and his initiatives to foster closer ties with the United States and other key allies, driving forward the agenda of inclusive growth and shared prosperity for all,” he noted.