Speaker lauds $1 billion US trade investments

MANILA, Philippines — Speaker Martin Romualdez has commended the announcement of over $1 billion in investments from high-level US trade and investment mission firms, saying it was a significant vote of confidence in the Philippine economy.

The investment windfall, announced by US Secretary of Commerce Gina Raimondo, included groundbreaking ventures in energy, digital upskilling and education, particularly in artificial intelligence and cybersecurity.

It also higlighted the strong economic ties and mutual trust between the US and the Philippines.

“This unparalleled commitment from American firms is not just a vote of confidence in the Philippine economy, but also a clear reflection of the strategic and dynamic leadership of President Marcos,” Romualdez said.

“Under the President’s guidance, the Philippines embarked on a series of diplomatic and business-oriented initiatives, including his strategic foreign trips and the introduction of the Maharlika Investment Fund,” he added.

Romualdez highlighted the synergy between investment plans and the government’s legislative reforms like the proposed amendment to economic provisions of the 1987 Constitution to liberalize the economy and create a more investor-friendly environment.

“These legislative measures are crucial in creating a conducive environment for foreign investments and in demonstrating our commitment to sustainable and inclusive growth,” he said.

The planned investments from the US will support the Philippines in various sectors prioritized by Malacañang, including the creation of educational opportunities for over 30 million Filipinos through digital and AI upskilling programs.

Special emphasis was placed on the partnership between Microsoft Corp. and the Technical Education and Skills Development Authority or TESDA, which aims to train over 100,000 Filipinas in AI and cybersecurity.

Romualdez commended upcoming projects such as the establishment of an electric vehicle education center and investments in solar and nuclear energy, which align with the Philippines’ energy and climate objectives.

The announcement of a new airline route to Cebu was welcomed as a significant boost to travel and tourism.

Romualdez reiterated the government’s commitment to boost trade and investment ties between the two countries.

He acknowledged the push for the renewal of the US Generalized System of Preferences program, which he said would benefit Philippine exports.

Romualdez expressed confidence that these investments would foster economic growth, create jobs and improve the quality of life of all Filipinos.

He reaffirmed a commitment of the House of Representatives to support the President’s “Build, Better, More” program and other initiatives that intend to enhance the Philippines’ status as a key player in the global market.