The government expects to sign several business-to-business (B2B) agreements with US companies during the two-day Presidential Trade and Investment Mission to the Philippines on March 11 to 12, 2024.
Trade Secretary Alfredo Pascual said in a briefing Friday that 22 US companies would join the trade mission to be led by US Department of Commerce Secretary Gina Raimondo.
“This was organized precisely to present the Philippine [trade and investment] opportunities to US companies,” he said.
Pascual said the Philippines would host a mix of US companies that are already present in the country and new companies that are keen to invest in the Philippines.
Several companies in the delegation are also seeking to expand their operations in the Philippines, Pascual said.
The US trade and investment mission will include 22 companies, according to the latest announcement from the White House.
These include GreenFire Energy Inc., Google Asia Pacific, Black & Veatch Corp., Visa Inc.-Asia Pacific, President’s Export Council, EchoStar/DISH, InnovationForce; United Airlines, United Parcel Service (UPS), Boston Consulting Group, KKR Asia Pacific, Marquis, Sol-Go, Capital One Philippines, US-ASEAN Business Council, Bechtel Corporation, Apl.de.Ap Foundation International, FedEx, Mastercard, Microsoft Corp., UltraPass ID and Ultra Safe Nuclear Corp.
The high-level US Presidential Trade Mission fulfills the commitment of President Joseph Biden during the official visits of President Ferdinand Marcos Jr. to the US.
The US remains the second largest foreign investor in the Philippine economic zones accounting for 14.16 percent of registered business enterprises (RBEs) which include long-term investors like Texas Instruments, Collins Aerospace, Analog Devices, Concentrix, MOOG, Teradyne, JP Morgan Chase Bank, among others.
There are about 355 US locators in the economic zones generating employment for 365,257 Filipinos.
Bilateral trade between the Philippines and the US reached $36.1 billion in 2022, with Philippine exports amounting $23.3 billion.