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Thursday, February 29, 2024

Marcos secures $672m in pledges from APEC trip

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President Marcos has secured US$672.3 million in investment pledges from various sectors during his successful participation in the 30th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting and related activities in San Francisco, California last week, the Palace said in a statement Monday.

The investment pledges secured are US$400 million for the telecommunications sector; US$250 million for semiconductors and electronics, US$20 million for pharmaceutical and healthcare, US$2 million for artificial intelligence (AI) in weather forecasting, and US$300,000 for renewable energy.

Mr. Marcos also secured significant commitments in technological advancements across key priority sectors in the Philippines, which include the deployment of the first two Internet MicroGEO satellites dedicated to the Philippines.

He also received technology-related commitments particularly in the development of Asia’s largest AI-driven weather forecasting program for the Philippines, bolstering the country’s resilience against climate change through the agreement between the Department of Science and Technology and the US-based company, Atmo.

Also among the commitments concluded during Marcos’ APEC participation is the Philippines’ inaugural specialty oncology hospital that will enhance service efficiency and accessibility for Filipino patients seeking cancer care, which was the subject of an agreement between Ayala Corporation Health and Varian Medical Systems.

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The first US FDA-approved manufacturing facility in the Philippines, which will bolster the country’s global pharmaceutical industry presence, through an agreement between Lloyd Laboratories and Difgen, was also secured.

The agreement covering the first phase of a project on sustainable energy, which will provide affordable and reliable power access through the agreement between Meralco and Ultra Safe Nuclear Corporation, was also signed.

An additional investment of US$1 billion for the semiconductor industry is up for discussion with US companies.

The Philippines and the US have also agreed to work toward strengthening the Philippines’ semiconductor supply chain. 

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