THE PHILIPPINES explored possible US investment in worker training and infrastructure projects on the sidelines of the United Nations appearance of President Ferdinand R. Marcos, Jr., the Department of Trade and Industry (DTI) said.
In a statement on Monday, the DTI said these were the agreed-on areas of possible collaboration with US companies when members of the Cabinet traveled to New York for the UN General Assembly.
The DTI said US companies consider the Philippines’ young and trainable workforce to be a key attraction.
“Focusing on the Philippine priority industry clusters — industrial, manufacturing, and transport cluster; and technology, media, and telecommunication cluster, the President held roundtable and one-on-one meetings with US companies with a major presence in the Philippines and/or with future expansion plans in the country,” the DTI said.
Mr. Marcos urged US firms to consider the Philippines as a “valuable contributor” to their global growth and as a partner in the economic recovery of the two countries.
He touted policy reforms and economic liberalization laws that allow the easier entry of foreign capital. These laws include amendments to the Retail Trade Liberalization Act, the Foreign Investment Act, and the Public Service Act.
US companies with operations in the Philippines include Texas Instruments, Moog, Inc., FedEx Corp., Concentrix, JP Morgan Global Service Center, and IBM Corp.
Bilateral trade with the US was $19.6 billion in 2021, according to the DTI. — Revin Mikhael D. Ochave
