The largest American business contingent, the United States (US)-Association of Southeast Asian Nations (ASEAN) Business Council, on Wednesday promised to pursue additional investments in the Philippines.
Members of the US-ASEAN Business Council paid a courtesy call to President Ferdinand R. Marcos Jr. at the President's Hall of Malacañang Palace in Manila.
During the discussion, US-ASEAN Business Council President and CEO Ted Osius stated that the non-profit organization's members are looking forward to increasing their interactions with the Marcos administration and forging new alliances with Philippine firms.
According to Osius, they are extremely focused on the themes of sustainable development, disruptive digitization, creative healthcare solutions, supply chain resilience, and ease of doing business.
He said that they are determined to take a lot of action in order to develop true partnerships and demonstrate our commitment through investments.
The US-ASEAN Business Council President stated that the delegation's visit to the Philippines reflects the organization's members' interest in the country's strong growth and stable macroeconomic fundamentals, the young and competent Filipino workforce, and the Marcos administration's receptivity to foreign investments and long-term approach to economic development.
Osius stated that American corporations have expressed willingness to support Philippine development initiatives, citing Marcos' resolve to prioritize areas like infrastructure, agriculture, clean energy, green metals, and semiconductors.
Marcos recognized the council's critical role in Philippine development and expressed optimism that alliances, partnerships, and agreements with its members would be maintained.
He stated that the conference with the US-ASEAN Business Council is important for discussing specific strategies to maintain socioeconomic cooperation, including agriculture, clean energy, infrastructure, climate change, digital connection, and post-pandemic recovery.
The President also told the council that he and US President Joe Biden have identified tangible initiatives that would make the two nations' alliance and collaboration "relevant and responsive to the current emerging challenges in the defense, security, and economic spheres.
Osius also emphasized the country's participation in the Indo-Pacific Economic Framework and the Asia-Pacific Economic Cooperation (APEC).
The US-ASEAN Business Council is a non-profit organization founded in 1984 that performs economic, financial, political, social, and environmental research and analysis in ASEAN member countries.
The council's membership of over 175 corporations generates about USD 7 trillion in revenue and employs over 14.5 million people worldwide.
The council is the only American entity explicitly recognized in the ASEAN Charter, and it meets annually with the Finance, Trade, and Energy Ministers.
To date, its members include the largest US corporations doing business in ASEAN, ranging from newcomers to the region to companies that have been doing business in Southeast Asia for over a century.
