Plans laid out in trilateral meet hold immense promise for PH — Romualdez
WASHINGTON, D.C., United States — The different plans laid out during and after the trilateral meeting here on Thursday night would be big for the Philippines’ bid to expand economically, Philippine House of Representatives Speaker Ferdinand Martin Romualdez said.
Romualdez in a statement on Thursday (Eastern time) said that the developments will have a great impact on the economy because investments will turn into job creation and eventually a stable source of income for Filipino families.
“These developments hold immense promise for the Filipino people, as they are poised to significantly impact investments, job creation, business expansion — particularly online and IT-related enterprises — and overall livelihood,” he said.
The Speaker made mention of several topics raised during the trilateral meeting between President Ferdinand Marcos Jr., United States (US) President Joe Biden, and Japanese Prime Minister Kishida Fumio, like the plan to turn the Philippines into a semiconductor hub.
READ: Trilateral event at Indo-Pacific forum to eye Luzon corridor investments
Romualdez also said that the US and Japan’s pledge to pour in $8 million for the field trials of an Open Radio Access Network (RAN) in the Philippines shows Marcos’ commitment to improving the country’s information communications technology (ICT) ecosystem.
Romualdez assured the public that the House would support the executive in pursuing these plans, noting that Congress had already passed key legislations such as the Public Services Act (PSA), the Retail Trade Liberalization Act, and the Foreign Investments Act which have opened or liberalized the Philippine economy to some extent.
“These engagements underscore the Marcos administration’s unwavering dedication to enhancing the country’s connectivity infrastructure. By leveraging the expertise and resources of these groups, the Philippines aims to establish partnerships that will facilitate seamless integration into the global digital economy,” Romualdez said.
“As our country embarks on this transformative journey towards economic resilience and prosperity, the House remains steadfast in our support to President Ferdinand Marcos, Jr. and his administration in advancing the nation’s interests and ensuring a brighter future for all Filipinos,” he added.
According to the National Institute of Standards and Technology (NIST) which operates under the US Department of Commerce, Open RAN is a system where the requirements to operate internet systems are disaggregated — meaning, systems would not have to be built using components from a single provider.
This allows industries to operate using components across the field because interfaces have been standardized, which translates to compatibility.
“Next-generation Radio Access Networks (RANs) are characterized by the disaggregation of the network elements and the use of intelligent controllers to manage the increased complexity of radio technologies and network deployments.
“The disaggregation of the network elements to create an Open RAN that allows the equipment from different vendors to communicate requires well-defined, standardized interfaces,” NIST said on its website.
“The standardization effort is being led by the O-RAN Alliance, an international community of mobile network operators, vendors, and research and academic institutions operating in the RAN industry,” it added.
Both the US and Japan have commended the Philippines for its commitment to developing an Open RAN policy as it would boost economic progress.
READ: US, Japan pledge $8-M to PH for Open Radio Access Network field trials
Other ventures
Romualdez also said that Marcos’ separate meetings with officials of the Japan Chamber of Commerce and Industry as well as Google would bolster the country’s standing as an economic hub.
Just this Wednesday, Romualdez and Philippine Ambassador to the US Jose Manuel Romualdez said that the Philippines is set to receive US$100 billion worth of investments from the US and Japan in the next five to ten years — which can be achieved by harnessing the semiconductor industry in the Asean region.
READ: $100-B investments seen to flow into PH in 5-10 years – US envoy
Aside from these, the Speaker also noted that Marcos being able to secure the commitment of the US and Japan towards developing the newly launched Luzon Economic Corridor is already a significant achievement.
“The commitment of the US and Japan to support a railway project linking Subic-Clark-Batangas is a remarkable achievement of President Marcos, Jr. as it holds immense potential for driving economic growth and development across the nation,” Speaker Romualdez said.
“Moreover, it promises to create numerous job opportunities, stimulate local industries, and uplift the standard of living for countless Filipinos,” he added.
A part of the three leaders’ joint statement mentioned a trilateral event on the sidelines of the upcoming Indo-Pacific Business Forum in Manila, which seeks to call for more investments into the Luzon Economic Corridor.
These initiatives would ensure interconnectivity between major hubs and offer a faster and more reliable alternative to road transport for cargo movement between Subic Bay Freeport Zone, Clark Freeport Zone, and Batangas — reducing travel time and maximizing profits.
“By diverting cargo away from roads, the railway project could help ease traffic congestion in Metro Manila, which is a major bottleneck for logistics,” Speaker Romualdez said.
“President Marcos, Jr. can count on the unwavering support of the entire House of Representatives for this transformative initiative and looks forward to witnessing its profound impact on the Philippines’ growth trajectory,” he added.
