PRESIDENT Ferdinand Marcos. Jr. on Monday invited members of a visiting US trade mission to be part of his administration's Build Better More initiative involving 198 high-impact priority infrastructure flagship projects aimed at transforming the Philippines into the logistics hub of Asia.

"We eagerly welcome participation by US investors in these transformative initiatives," Marcos told the trade and investment mission organized by US President Joe Biden and led by US Secretary of Commerce Gina Raimondo, who said the 22 companies with her would be announcing more than $1 billion in investments in the Philippines.

Trade meet US Secretary of Commerce Gina Raimondo and members of her delegation hold a meeting with Trade Secretary Alfredo Pascual and other Philippine officials in Malacañang on Monday, March 11, 2024. PPA pool photo

The President said investing in the Philippines brings a multitude of advantages for investors, most notably the country's strategic geographical situation in Southeast Asia and its dynamic workforce.

Aside from the 198 flagship projects, American companies are also encouraged to invest in developing the country's energy sector and critical metals exploration and processing.

Despite global challenges, President Marcos expressed confidence that the Philippines is poised to build upon its strong performance in 2023.

"Our growth prospects are promising, driven by decisive policy measures, a robust external position, anticipated key tax reforms, and significant foreign investments, notably from the United States, a longstanding top source of foreign direct investments," he said.

The arrival of the US mission in Manila marks the fulfillment of President Biden's commitment to Marcos during his visit to Washington, D.C. last year.

Biden committed to sending a high-level presidential delegation to the Philippines to enhance investment and trade relations between the two nations.

The US is among the Philippines' top three trading partners, along with Japan and China.

"Today's gathering not only signifies a meeting of officials, but also celebrates the enduring relations between the Philippines and the United States — ties that have been built on shared sacrifices, mutual support and unwavering respect," the President said.

"The announcement of the intent to dispatch a presidential trade and investment mission into the Philippines was made at the White House last year, and less than a year later, we proudly witness the mission's come to fruition here in Malacañang. In our prior discussions, we addressed many areas of mutual interest, emphasizing the need for continued cooperation and arrangements on various fronts. This event also offers us the opportunity to highlight the positive economic strides that we made last year and showcase diverse investment opportunities in the country," he added.

The trade and investment mission, which will be in the Philippines until March 12, is composed of 22 companies in various business sectors, with plans to make substantial investments in the country.

"This group of companies that I have with me is prepared to play a key part in shaping our global landscape and advance our joint economic agenda," Raimondo said. "In fact, on this trip alone, these companies are announcing over a billion dollars in US investments."

She also said that some of the companies that came here specialize in energy, information and communications technology and infrastructure, and are looking to help Filipinos move up to get high-paying jobs.

She said there are educational opportunities for digital and artificial intelligence training.

"We are also announcing the creation of an electric vehicle center to train Filipinos for jobs in a fast-growing industry... solar and nuclear projects to support the Philippines' energy climate goals, and... a new airline route opening up travel and tourism to the beaches of Cebu," Raimondo said.

Among the investments that the trade mission is bringing to the country are Microsoft's partnerships in several sectors in the Philippines to help accelerate the adoption of AI.

These include AI-powered solutions for government agencies, equipping Filipinos with AI and cybersecurity skills and AI-related education for students.

Secretary Frederick Go, special assistant to the President for Investment and Economic Affairs, said the US trade and investment mission is a significant milestone in the relationship between the two countries.

"This signals a renewed commitment in strengthening our long-standing partnership. The visit underscores a resounding vote of confidence in the leadership of our President Ferdinand R. Marcos Jr. and solidifies the Philippines as a key investment hub in the region," Go said.

"The discussions held today with our counterparts have been exceptionally fruitful, setting the stage for broader and deeper private and public collaborations," he added.

Trade and Industry Secretary Alfredo Pascual said the partnership emphasizes that the Philippines is an economic force in the region.

"A stronger partnership between the US and the Philippines cements our position as an economic force. This position benefits our country and fortifies our standing as an ally of the US," Pascual said.

"The President was enthusiastic about the potential investments and expansion plans discussed by these US companies, which span several key sectors in our economic development. These include logistics, renewable energy, transportation, finance and digital payments, and so much more. The Philippine government is dedicated to supporting the growth of US businesses here in the Philippines, aiming to make the country a central hub for US businesses in Asia," he added.

On March 12, Raimondo is scheduled to deliver remarks at a meeting with local business groups and the US-Asean Business Council.