$1B US investment deals 'vote of confidence' in PH--Romualdez

$1B US investment deals ‘vote of confidence’ in PH–Romualdez

/ 05:25 PM March 12, 2024

China's rejection of the Philippine House of Representatives' resolution condemning its illegal actions in the West Philippine Sea is "disheartening," according to Speaker Ferdinand Martin Romualdez. 

House Speaker Martin Romualdez | PHOTO: Official website of the House of Representatives / congress.gov.ph

MANILA, Philippines — House Speaker Martin Romualdez said on Tuesday that the announcement of investments worth over US $1 billion is a “vote of confidence” from American enterprises in the Philippine economy and the leadership of President Ferdinand “Bongbong” Marcos Jr.

“This unparalleled commitment from American firms is not just a vote of confidence in the Philippine economy, but also a clear reflection of the strategic and dynamic leadership of President Ferdinand R. Marcos Jr.,” Romualdez said.

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READ: $1-B investment deals seen in US trade mission

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Romualdez made the statement following the arrival of a US trade mission headed by US Commerce Secretary Gina Raimondo on Monday.

Aside from Raimondo, representatives from 22 American companies on the two-day visit were also included.

The house speaker added that with the arrival of the trade mission, proposals to amend the economic provisions of the 1987 Constitution should also be considered to induce more foreign investors into the country.

“These legislative measures are crucial in creating a conducive environment for foreign investments and in demonstrating our commitment to sustainable and inclusive growth,” he added.

READ: US Trade Sec on Pinoys: Hardworking, well-trained, easy to work with

Other lawmakers likewise agreed that the economic amendments could encourage more foreign investment.

“That’s why I believe that if we open up these economic provisions, a lot of investors will truly consider investing in our country,” Senior Deputy Speaker and Pampanga 3rd District Rep. Aurelio “Dong” Gonzales Jr. said.

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Meanwhile, others said that the investments reflect trust in the country’s capabilities.

“The fact that they (foreign investors) want to invest is actually such a good feat na for us. Nakikita natin may bunga itong state visits na ginagawa ni Presidente. Nakikita nila ‘yun, nag-o-open up tayo, nakikita ‘yung capacity natin, capabilities natin and that we are worth investing,” Deputy Majority Leader and PBA Partylist Rep. Margarita Nograles said.

(The fact that they [foreign investors] want to invest is actually such a good feat for us. We can see that there are fruits in the state visits done by the President. They can see that we are opening up, our capabilities are seen, capabilities that we are worth investing in.)

“It would appear na ang Pilipinas is not only ready for any investment but is actually fertile for any foreign [capital] to come in,” Assistant Majority Leader and Lanao del Sur 1st District Rep. Zia Adiong said.

(It would appear that the Philippines  is not only ready for any investment but is actually fertile for any foreign [capital] to come in.)

“The U.S. is one of the leading economies in the world. And in any business, number one ang trust,” Quezon City 5th District Rep. Patrick Vargas said.

(The U.S. is one of the leading economies in the world. And in any business, trust is number one.)

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The investments will cover various sectors such as the digital sphere, artificial intelligence, cybersecurity, as well as solar and nuclear energy projects.

TAGS: Investments, Martin Romualdez, USA

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