Marcos secures over $672-million investment pledges in APEC participation
President Ferdinand Marcos Jr. has secured $672,300,000 in investment pledges from various sectors during his participation in the 30th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting and related activities in San Francisco, California last week.
The investment pledges secured by Marcos are as follows: $400-million for the telecommunications sector; $250-million for semiconductor and electronics; $20-million in pharmaceutical and healthcare; $2-million for artificial intelligence (AI) for weather forecasting; and $0.3-million in renewable energy.
Marcos also secured significant commitments in technological advancements across key priority sectors in the Philippines, which include the deployment of the first two Internet MicroGEO satellites dedicated to the Philippines.
The President also received technology-related commitments particularly in the development of Asia’s largest AI-driven weather forecasting program for the Philippines, bolstering the country’s resilience against climate change through the agreement between the Department of Science and Technology (DOST) and the US-based company, Atmo.
Also among the commitments concluded during Marcos’ APEC participation is the Philippines’ inaugural speciality oncology hospital that will enhance service efficiency and accessibility for Filipino patients seeking cancer care, which was a subject of an agreement between Ayala Corporation Health and the Varian Medical Systems.
Moreover, the first US FDA-approved manufacturing facility in the Philippines, which will bolster the country's global pharmaceutical industry presence, through an agreement between Lloyd Laboratories and Difgen, was also secured.
Furthermore, the agreement covering the 1st Phase for a project on sustainable energy, which will provide affordable and reliable power access through the agreement between Meralco and Ultra Safe Nuclear Corp., was also signed.
Additional investment of $1 billion for the semiconductor industry is also up for discussion with US companies. The Philippines and the US have also agreed to work towards strengthening the Philippines’ semiconductor supply chain. Presidential News Desk