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Sunday, April 14, 2024

BBM confident of US, Japan investments in next 5 years

(UPDATE) WASHINGTON, D.C.: President Ferdinand Marcos Jr. expressed confidence that investments from the United States and Japan would pour into the Philippines in the next five years as a direct result of the successful trilateral meeting with US President Joe Biden and Prime Minister Fumio Kishida.

“I really view it as a continuing evolution of our relationship with both countries, with the US and Japan. And this is evidenced by the fact that a large part of the agreement is on economic proposals, and economic assistance and partnership between the three countries. Security and defense, of course, is there. But that is not the main point of the trilateral agreement,” the Chief Executive said in a media briefing here.

“They have already committed to these investments and the fact that we have together identified areas, it is something that we intend to do. I am very confident that this will all materialize, and we will feel it in the Philippines.”

MARCOS MEETS GOOGLE EXECS President Ferdinand Marcos Jr. (left, center) meets with Google executives who are committed to supporting micro, small, and medium enterprises (MSME) in the Philippines to grow their businesses. The meeting took place in Washington D.C. on Friday, April 12, 2024 during the President’s two-day visit where he met with US President Joe Biden and Japanese Prime Minister Fumio Kishida in a trilateral summit aimed at boosting the allies economic and defense cooperation. PHOTO COURTESY OF MPC

Marcos said that in the years to come, “we’ll start to begin [to] see the wisdom of having that — good thing entered into. We affirmed our close relationship with the United States — made to the US, which is indicative of how we are redefining our relationship — developments around the world, how we approach it — it’s really about development, so all of these things have come together,” he added.

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The Philippine Embassy projected the historic gathering of the leaders to yield $100 billion in investments in the next five to 10 years from different sectors such as energy, digital infrastructure, and semiconductor manufacturing.

“I’m sure you know by now I’m a great believer in coalitions and alliances. So, that is a major step for the Philippines, for the US, and for Japan. And, I think in the years to come, we’ll begin to see the wisdom of it. We’ll start to see, actually not even years, within the year we will start to begin, to see the wisdom of having that trilateral agreement and why it was a good thing to enter into,” Marcos said.

The President said he saw the trilateral alliance changing the dynamics in the region, in Southeast Asia, in Asia and around the South China Sea, noting such a partnership is a major step for the Philippines, the US and Japan.

The summit formalized the partnership between the Philippines, Japan and the US, the President said, adding that it is a continuing evolution of their relationship amid new challenges in the Indo-Pacific.

Marcos wrapped up his two-day working visit to the United States, his fourth overall since assuming the presidency, which included a meeting with his American counterpart, with US and Japanese leaders, with US defense officials, and with US business leaders.

Google support

During his visit, the President also met with Google executives, who assured him their support for micro, small, and medium enterprises (MSMEs) in the Philippines.

Karan Bhatia, Google’s global vice president for government affairs and public policy, shared the organization’s initiatives to upskill MSMEs in the digital landscape in partnership with the Department of Trade and Industry (DTI).

Bhatia told Marcos the company’s desire to “enable small businesses to get a presence online and figure out how to connect with the rest of the world.”

The Google executive likewise committed to training over 100,000 children and their parents on responsible use of digital technology and how to safely and responsibly use it.

Also in collaboration with the DTI, Google rolled out Google Career Certificates (GCC) in the department’s virtual campuses, covering over 1,300 DTI Negosyo Centers in 16 regions nationwide.

This builds upon the 40,000 GCC scholarships Google previously distributed to equip Filipino youth, jobseekers, MSMEs entrepreneurs, and civil servants with in-demand skills in project management, cybersecurity, IT support, data analytics, UX design, and digital marketing.

“We are thankful for Google’s impactful support in boosting our digital landscape, from internet independence to enhancing online safety and MSME growth,” the President said. “Together, we’re forging a stronger digitally empowered Philippines.”

Having started operations in the Philippines in 2013, Google currently employs around 50,000 workers and is considering expanding its businesses and operations in the archipelago.

Kaylie Pferten
Kaylie Pferten
A pilot of submersible crafts in a former life, now married to my husband David and writing about investment advice.

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