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The United States' Secretary of Commerce Gina Raimondo

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Jekki Pascual

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/20240312-us-sec-commerce-raimondo-ph-MD--9.jpg" style="width:950px" class="fr-fic fr-dib"/><span class="fr-inner"><span id="isPasted" style="color:rgb(51, 51, 51);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:pre-wrap;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">The United States&#x27; Secretary of Commerce Gina Raimondo speaks before Philippine business associations in Makati City on March 12, 2024. Raimondo, leading a high-level Presidential Trade and Investment Mission, announced over $1 billion worth of investments are coming to the country from 22 American companies as the US seeks stronger trade relations with the country. <em>Mark Demayo, ABS-CBN News</em></span><em> </em></span></span></span></div><p>MANILA -- United States Commerce Secretary Gina Raimondo announced over $1 billion worth of investments from US companies during the recent US Presidential Trade and Investment Mission in the Philippines. </p><p>A total of 22 American companies joined in the high-level mission.</p><div><a href="https://news.abs-cbn.com/business/2024/3/11/us-announces-over-1-billion-investments-in-philippines-1747" rel="noopener noreferrer" target="_blank">US Commerce chief announces over $1 billion investments in Philippines</a></div><p>But what are these investments?</p><p>The US Department of Commerce said these investments include training and skills development programs, as well as business expansion plans in the Philippines. These projects are in various fields such as information technology, finance, energy, telecommunication and many more.</p><p>Mark Ein, Chairman of the President’s Export Council in the U.S. said the American companies are eager to invest more in the Philippines today because of the reforms being done in the country.</p><p>“I think there’s huge excitement about opportunities for American companies in the Philippines to invest, to hire people, to help upskill people.” </p><p>He added, “Your government has made a lot of really prudent moves, to encourage, to create an environment where companies from around the world wanna come here.”</p><div><strong>TRAINING AND SKILLS DEVELOPMENT</strong></div><p>Tech giant Microsoft has partnered with local government agencies to train 100,000 Filipino women and thousands more job seekers to develop skills in artificial intelligence (AI). It will also deploy its AI-powered literacy tool to 27 million Filipino students through the Department of Education. </p><p>Microsoft added that it will help connect one million Filipinos to the internet.</p><div><a href="https://news.abs-cbn.com/business/2024/3/12/microsoft-eyes-training-filipinos-in-ai-cybersecurity-fluency-1515" rel="noopener noreferrer" target="_blank">Microsoft eyes training Filipinos in AI, cybersecurity fluency</a></div><p>“Announcing this week is a very specific partnership with unconnected.org. That will focus on the Philippines themselves working with local ISPs and partners to bring an additional one million people in the Philippines online within the next two years,’ said Mary Snapp, Microsoft Vice President for Global Strategic Initiatives.</p><p>Mastercard also announced it will help thousands of small businesses by providing them access to digital financial services, credit, and financial literacy training. </p><p>Mastercard Executive Vice President for Sustainability Shamina Singh said their partner Boost Capital will extend their financial services network to allow the training of 10,000 Filipino small businesses to get access to the learnings they need to thrive in the digital economy.”</p><p>UPS will also provide skills training to 500 small- and medium-sized company representatives to help strengthen supply chain resilience. Visa too will provide financial and business literacy training to empower small businesses as part of the company’s $100 million pledge to upskill businesses in Asia Pacific.</p><p>Google is also rolling out Google Career Certificate courses nationwide. Separately, Google is on target to complete the TPU (Taiwan-Philippines-United States) subsea cable system by the end of 2025.</p><div><a href="https://news.abs-cbn.com/business/09/28/23/google-offers-free-ai-courses-it-certification-scholarships" rel="noopener noreferrer" target="_blank">Google offers free AI courses, IT certification, scholarships</a></div><p>The Apl.de.Ap Foundation International will launch the Electric Mobility Education and Development in partnership with Legacy EV and the Asian Development Bank. The center will provide training in electric vehicle technology, repair, and maintenance.</p><div><strong>BUSINESS EXPANSION PLANS</strong></div><p>Aside from training, other companies are looking to expand their presence in the Philippines. </p><p>Private equity firm KKR is expected to invest $400 million in Pinnacle Towers, which is the largest telco tower operator in the country. It already owns nearly 5,000 towers and plans to buy about 2,000 more. </p><p>In the past years, KKR has invested a total of $1.7 billion in the Philippines already.</p><p>“We invested in a number of sectors here in the Philippines. We invested in the healthcare industry by Metro Pacific Hospitals. We’ve invested significantly in infrastructure. We’ve invested in financial technology, Voyager,” said David Luboff, Co-Head of KKR Asia Pacific.</p><p>UltraPass ID has signed an agreement with the Department of Budget and Management and NOW Corporation for its biometric authentication platform. </p><p>“We can secure government and commercial systems with much more secure login authentication protocols. As you know there are challenges here in the Philippines,” said Eric Starr, Co-Founder &amp; CEO of UltraPass ID.</p><p>InnovationForce is expected to sign a deal with Aboitiz Power to leverage on the firm’s platform to scale and grow innovation to continue leading the clean energy transition. </p><div><a href="https://news.abs-cbn.com/business/2024/3/7/consumer-group-hits-aboitiz-ang-pangilinan-energy-deal-1716" rel="noopener noreferrer" target="_blank">Consumer group hits Aboitiz-Ang-Pangilinan energy deal</a></div><p>“We’re in talks to close a deal with Aboitiz Power. What our software does is it helps utilities innovate and make decisions up to 85% faster,” said Kimberly Getgen, Founder &amp; CEO of InnovationForce.</p><p>Sol-Go meanwhile will expand its lightweight solar panel production in the Philippines with an additional investment of $5 million to reach 100-megawatt capacity by 2025-2026 from 15-megawatt today. </p><p>“People often asked me ‘Hey what about China? Why not just build there and ship to the Philippines?’  This panel, we actually beat the cost of the Chinese right now,” said Scott McHugo, CEO of Sol-Go on why he prefers to stay in the Philippines.</p><p>Ultra Safe Nuclear Corporation is working with Meralco on a carbon-free electrical generation system using advanced nuclear batteries. United Airlines, meanwhile, will add Cebu to Tokyo flights starting July 31, 2024. United is the only US carrier that has direct flights from San Francisco to Manila.</p><div><strong>OTHER INVESTMENTS</strong></div><p>The U.S. Commerce Department also announced that there are other American firms not part of the trade mission which also signified they will invest more in the Philippines or have recently announced projects in the country.</p><div><a href="https://news.abs-cbn.com/business/2024/3/12/-biden-s-trade-mission-ushers-in-stronger-ph-us-economic-ties-1017" rel="noopener noreferrer" target="_blank">Biden&#x27;s trade mission ushers in stronger PH-US economic ties: organizer</a></div><p>Meta, parent company of Facebook, invested in the Pacific Light Cable Network international submarine cable system to help the country’s national fiber project.</p><p>Ally Power, meanwhile, announced a more than $400 million agreement with MPower of Meralco to build a hydrogen and electric refueling station. </p><p>Vita Coco also plans to expand its partnership with Philippine company Century Pacific Food Inc to generate more jobs.</p><div><a href="https://www.youtube.com/watch?v=tUNTZpPJ8wk&amp;ab_channel=ANC24%2F7" rel="noopener noreferrer" target="_blank">Century Pacific, Vita Coco sign new contract for additional volume output</a></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/5CAXeby0MQU?&amp;ab_channel=ANC24%2F7autoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>US Commerce Secretary Gina Raimondo announced over $1 billion worth of investments from US companies. But what are these investments?</p>

US Commerce Secretary Gina Raimondo announced over $1 billion worth of investments from US companies. But what are these investments?

What’s in the $1 billion investment of US firms in PH?

What’s included in the $1 billion investment of US companies in PH?

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What’s included in the $1 billion investment of US companies in PH?

Jekki Pascual,

ABS-CBN News

Published Mar 13, 2024 01:33 PM PHT

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