PH and US Push for Infra, Power, and Mineral Investments

The Philippine and US governments’ trade and commerce chiefs have mutually agreed to push for key investments in mineral processing, power generation, and infrastructure in the country.

Department of Trade and Industry (DTI) Secretary Alfredo Pascual mentioned this after his meeting with the US Secretary of Commerce Gina Raimondo. Secretary Pascual is part of the official government entourage of President Ferdinand Marcos Jr. in New York City for the UN General Assembly.

Secretary Pascual shared that in his meeting with Secretary Raimondo, he mentioned the desire to entice more US investments specifically in renewable energy like wind, solar, and geothermal power for the Philippines. This coincides with the government’s path to tackle the problem of lack of energy supply and the increasing cost of traditional power generation in the Philippines with untapped resources.

Secretary Pascual also reported that both parties agreed to hold an infrastructure business matching event with American and Filipino businesses alike.

Aside from this, Secretary Pascual asked the US side for support for the reauthorization of the US Generalized System of Preferences (GSP) that will allocate duty-free privileges to a number of Philippine-made products entering the US.

The Philippine side likewise wants to examine green metals investment opportunities through partnerships with different US firms. The Philippines is rich with metals such as cobalt and nickel which are vital for producing batteries and copper, a requirement for producing technology items.

“These investments are timely as we promote the e-vehicle industry and production of high technology products in the Philippines,”  states Pascual.

“The Philippines wants to add value by processing these mineral resources instead of simply exporting ores,” he adds.

Source: Manila Bulletin