Sunday, May 19, 2024

Over USD672 Million Investment Pledges Secured In President Marcos’ APEC Participation

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Over USD672 Million Investment Pledges Secured In President Marcos’ APEC Participation

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President Ferdinand R. Marcos Jr. has secured USD672,300,000 in investment pledges from various sectors during his successful 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 are USD400-million for the telecommunications sector; USD250-million for semiconductor and electronics; USD20-million in pharmaceutical and healthcare; USD2-million for artificial intelligence (AI) for weather forecasting; and USD0.3-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.

He 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 and the US-based company, Atmo.

Also among the commitments concluded during Marcos’ APEC participation is the Philippines’ inaugural specialty 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.

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.

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 Corporation, was also signed.

An additional investment of USD1 billion for the semiconductor industry is up for discussion with US companies.

The Philippines and the US have also agreed to work toward strengthening the Philippines’ semiconductor supply chain. (PNA)