MANILA — President Ferdinand Marcos Jr.’s active participation in the 30th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting has resulted in pledges of over $672 million in investments across various sectors, according to an announcement from Malacañang on Monday.
These investment commitments encompass $400 million for the telecommunications sector, $250 million for semiconductor and electronics, $20 million in pharmaceutical and healthcare, $2 million for artificial intelligence (AI) in weather forecasting, and $0.3 million in renewable energy.
During the APEC CEO Summit on November 15, 2023, in San Francisco, California, President Marcos also successfully secured commitments in technological advancements. This includes the deployment of the first two Internet MicroGEO satellites exclusively dedicated to the Philippines.
Additionally, there are pledges related to technology, notably in the development of Asia’s largest AI-driven weather forecasting program for the Philippines.
This initiative aims to enhance the country’s resilience against climate change through a partnership between the Department of Science and Technology and the US-based company, Atmo.
Further discussions are underway for an additional investment of $1 billion in the semiconductor industry with US companies.
President Marcos, emphasizing the Philippines’ readiness to become a leading investment hub in Asia, stated during the Philippine Economic Briefing in San Francisco, California: “With a solid reform agenda and continuous growth amid challenges, the Philippines is poised to emerge as a prominent investment hub in Asia. A plethora of opportunities await investors in the Philippines, and we are prepared to explore new horizons in the coming years.
(ai/mnm)
