MANILA – The Department of Trade and Industry (DTI) welcomed the U.S. Presidential Trade and Investment Mission (PTIM) delegation at the Malacañang Palace, today 11 March 2024 with the aim of attracting U.S. investment in key Philippine sectors like innovation, renewable energy, critical minerals and food security.
This is after President Ferdinand Marcos, Jr. met with U.S. President Joe Biden in May 2023 to further boost the economic relations between the Philippines and the U.S.
DTI Secretary Fred Pascual welcomed the delegation, led by United States Commerce Secretary Gina Raimondo.
During the meeting, Pascual underscored the country’s potential to be a key player in the critical metals sector, with its significant nickel, copper and cobalt reserves.
“We are confident that this day’s discussions will result in actionable measures. This mission serves as a platform to align our efforts and capitalize on both our nations’ economic successes. Further, this mission transcends traditional diplomatic missions to propel us toward stronger economic ties and shared prosperity,” Pascual said.
In photo: DTI Secretary Fred Pascual and United States Commerce Secretary Gina Raimondo (Photo courtesy of DTI)
Pascual believes that by leveraging these rich mineral reserves, the Philippines can lead the global value chain for energy storage and electric vehicle (EV) production, with recent amendments permitting 100% foreign ownership of renewable energy sources to create an “attractive investment climate”.
He also invited investments in lab-scale wafer fab facilities while highlighting the country’s skilled workforce and existing foundation in software development as an advantage for U.S. companies.
In relation to this, Pascual called for swift implementation of U.S. government support in workforce development as part of the CHIPS Act to facilitate plans to expand its role in the semiconductor industry beyond assembly and packaging.
Pascual also took the opportunity to relay the Philippine government in seeking assistance from the U.S. Department of Commerce on trade issues like detained apparel exports and shrimp paste shipments, as well as to raise the current situation of Philippine electronics companies unable to bid on US government contracts due to a requirement in the U.S. Trade Agreements Act.
“I am positive that this regular open communication of opportunities and obstacles will strengthen our relationship as long-standing and dependable allies,” said Secretary Pascual as he emphasized the significance of the PTIM in advancing the economic ties between the two countries.
According to the DTI, the United States continues to hold a significant position as the Philippines' third largest trading partner globally, with total trade values reaching approximately USD 20 billion.
Notably, the U.S. is the largest export market for Philippine goods, valued at USD 12 billion, and the fifth-largest import market, amounting to almost USD 8.5 billion.
The United States has also consistently ranked among the top five sources of foreign direct investments (FDIs) in the Philippines in the past five years.
Based on the latest figures from January to November 2023, the United States is the fourth-largest FDI source for the Philippines, with a total value exceeding USD 110 million.
