The U.S. Presidential Trade and Investment Mission Comes to the Philippines

By: Minnie Talimio,
Contributor

The two-day U.S. Presidential Trade and Investment Mission (PTIM) held in Manila last  March 11-12, 2024 left a palpable impression of how the country’s economic landscape will  positively change for the greater good. 

It was the first of its kind, an offshoot of the bilateral meeting that U.S. President Joe  Biden and President Ferdinand Marcos, Jr. held last May 2023 at the White House. Monday this  week, Malacañang opened its doors to welcome the PTIM group led by Hon. Gina Raimondo, the  U.S. Secretary of Commerce. 

In the forum, Sec. Raimondo announced that a total of US 1 billion will be poured into the  country comprising of “high impact investments in high impact industries” and paying close  attention to priority sectors earlier identified by the Marcos administration. This includes  investments in solar and nuclear energy, electric vehicles, digitalization and telecommunications,  etc. Exciting news also came in the form of educational opportunities via digital and AI upskilling  programs that will benefit over 30 million Filipinos. In an oddly beautiful coincidence and considering that March is hailed as the International Women’s Month, Sec. Raimondo proudly announced that Microsoft, Inc. has committed, through the Technical Education and Skills  Development Authority (TESDA) to train no less than 100,000 Filipino women in AI and  cybersecurity. 

The breakfast session on the second day at the Fairmont Hotel was jointly sponsored by  the American Chamber of Commerce of the Philippines (AmCham), the Makati Business Club  (MBC), the Management Association of the Philippines (MAP), and the US-Asean Business  Council. In attendance were the delegates of the PTIM, the heads of the different embassies and  government agencies, and selected business groups. The lone speaker in the fireside chat was  the Hon. Raimondo who gamely and excellently answered the questions of the moderator. To  encapsulate her talk, she intimated the important relationship of the two countries and her firm  belief that the PTIM will make the relationship even stronger. Together with her team on the 2- day visit are executives from 22 U.S. Companies spanning across the different industries from  start-ups to the very best, like Google, Microsoft, KRR Asia Pacific, Visa, UPS, FedEx, etc. In her  own words, she said that “the message that we are hearing, the legislation that Philippines has in allowing for private sector ownership of infrastructure, made it much easier and sends a huge  signal to the United States that the Philippines wants more investments.” 

Sec. Raimondo is also looking positively in getting the Philippines as one of their country’s  suppliersin microchips especially as the U.S. congress recently passed a bill allowing the Secretary  of Commerce to invest 52 U.S. billion dollars in chips. The ever-growing demand of this product,  literally because almost all devices in the world today has chips in them, is creating a big  opportunity for the country. “Philippines already has 13 Semiconductor Assembly, Testing, and

Packaging Facilities” she said, adding, “let’s double it. Now is the moment of growth. Philippines  has the talent, expertise, and is a critical mineral rich country. Critical minerals are more important  than ever as we think about electric vehicles, batteries, etc”

Further in the exchange that followed, when asked how the Philippines can be a better  environment for investments, she gamely replied, “I believe you’re on top of the list. You have  democracy, rule of law, transparency, anti-corruption, a fair shape, reasonable regulations plus  talent, talent, talent”. 

Cagayan de Oro was ably represented by no less than the City Council Chairman of the  twin Committees on Trade and Commerce & Ways and Means, Kag. George Goking. Together  with him was Mr. Ray Talimio, Jr., currently the Chairman of the Cagayan de Oro Chamber of  Commerce and Industry (Oro Chamber) and this writer. The AmCham’s presence in Cagayan de  Oro last February 23, 2024 during the Networking Night and with no less than AmCham Executive  Director Ebb Hinchcliffe in attendance, paved the way for Cagayan de Oro to be represented  during the PTIM in Manila. It is worthy to note that the AmCham Networking Night was hosted  by AmCham Mindanao Vice President Elpidio “Elpie” Paras at the Xavier Sports and Country Club.  It was attended by businessmen and professionals of the city, including the AmCham Mindanao  officers led by Pres Jocelyn Catampo, Oro Chamber members led by Pres. Jess Jardin, and Rep.  Yevgeny “Bambi” Emano of the second district of Misamis Oriental.

It can also be recalled that last October 5, 2023, the local government of Cagayan de Oro and with the full support of Mayor Rolando “Klarex” Uy, mounted the successful investment  forum at Edsa Shangri-la. It was facilitated by the Oro Chamber with then President Ray Talimio  at the helm. Ably representing the city in that event was Kag. George Goking who took to the  floor to report and regale the audience on new and future developments of the city. It was  attended by many business leaders and prospective investors. One of the invitees and resource  speakers was the U.S. Senior Commercial Officer Paul Taylor of the U.S. Embassy who gave a  sneak preview to all those present of the exhilarating events that will soon unfold with the  pouring of investments from the United States.

Another stroke of good fortune leading to the grand event this week was the invitation of  both Kag. Goking and Mr. Talimio to the Economic and Ease of Doing Business (EODB) Briefing at  the Manila Hotel last January 24, 2024. This was organized by the Anti-Red Tape Authority (ARTA)  with the theme “From Red Tape to Red Carpet: Charting Progress through Strategic Investment  and Boosting Economic Opportunities.” Director General Ernesto V. Perez was on hand to  welcome everyone. Also present during that event was Sec. Frederick Go, the Presidential Adviser  on Investment and Economic Affairs among others.

The summation of all these events is for our city to have a slice of the pie on foreign  investments that will be poured in the country. These are crystal opportunities for social,  educational and economic growth. In the end it is the dream of every Kagay-anon to usher in  development and progress to their beloved Cagayan de Oro. pr