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Thursday, May 23, 2024

PH to generate as much as $100-b investment in historic trilateral summit — envoy

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The Philippines is poised to generate about $100 billion in investments in the next five to 10 years as a result of its participation in the historic trilateral summit with the United States and Japan.

Philippine Ambassador to the United States Jose Manuel Romualdez said the investment deals would cover various sectors, including energy and digital infrastructure.

“The figures that I have been hearing, and this may sound a little bit expanded in a way, but we’re talking about a hundred billion in investments in the next five to 10 years,” Romualdez said in a press conference in Washington.

“We have a lot of areas where we are putting ourselves, our economic managers are putting our country into a situation where we’re opening up our economy, especially in energy, which is very important for, and also, of course, digital infrastructure, and infrastructure, physical infrastructure as also one of the other aspects of our economic package that we’d like to offer for potential investors.”

President Marcos expected to meet with US President Joe Biden and Japanese Prime Minister Fumio Kishida in Washington DC on Thursday (Friday, Manila time).

Mr. Marcos is also expected to meet with Biden in a separate bilateral meeting, as well as several businessmen in the US.

Romualdez said American energy firm Ultra Safe is also planning to supply small nuclear power plants in the country.

Meanwhile, White House National Security Communications Advisor John Kirby said US Secretary of Commerce Gina Raimondo would host a discussion with her counterparts from the Philippines and Japan to enhance the trilateral maritime cooperation, trade, and investments of the three countries.

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