The United States and Japan will invest at least $100 billion in energy and semiconductors in the Philippines in the next 5 to 10 years, Philippine Ambassador to the United States Jose Manuel Romualdez said.
In an interview with the Philippine media delegation in Washington on Wednesday (US time), Manila’s envoy to Washington said Marcos administration’s economic managers have been pitching the country’s economic package in energy, digital infrastructure, and other sectors.
“We’re talking about $100 billion in investments in the next 5-10 years. Perhaps 5 years will be more appropriate because we have a lot of areas where we are putting ourselves. A lot of these investments are mostly in the semiconductor industry… and also in the area of energy,” Romualdez said.
“The energy exploration, which involves the West Philippine Sea, is part and parcel of what we are looking at to bump up our energy requirements, which are increasing every year,” Romualdez added.
He added the government is in talks with US corporations about a joint venture to explore the area’s energy supply.
Romualdez stated Southeast Asia’s semiconductor business is $80-billion.
The US is the Philippines’ fourth largest foreign direct investor in 2023, investing $110 million.
Japan is the Philippines’ largest provider of official development assistance, providing $12.92 billion or 40% of its portfolio.
Kirby claimed US President Joe Biden is aiming to “revitalize” treaty partnerships.
The US is the Philippines’ fourth largest foreign direct investor in 2023, investing $110 million.
Japan is the Philippines’ largest provider of official development assistance, providing $12.92 billion or 40 percent of its portfolio.
In a separate media interview, US National Security Communications Adviser John Kirby said Washington and Tokyo will have new initiatives to accelerate high-quality infrastructure investments in the Philippines.
He said these initiatives would accelerate and surge to enhance energy security, deepen maritime cooperation, to strengthen technology and cybersecurity partnerships.
“Our three countries embark on this new era of trilateral cooperation as trusted, equal partners, guided by shared values and an unwavering commitment to a free, peaceful and prosperous Indo-Pacific,” he said.
“The [US] President is very excited for the joint investment and infrastructure opportunities in the Philippines, and for the first time in the Indo-Pacific, in this sort of scale,” he said.
Kirby added that US President Joe Biden is aiming to “revitalize” treaty partnerships.
Washington, under US President Joe Biden, has been trying to “rejuvinate” its treaty alliances, Kirby said.
“He’s also taken extra steps… to forge new ones, improving opportunities for our allies to cooperate together as well,” Kirby said.
“If you have more multinational cooperation… you can move the ball forward more than just the security element,” he added.
