At least $100 billion in investments from the US and Japan may come to the Philippines in five to 10 years as a result of the historic trilateral summit here that aims to deepen the three countries’ economic and defense ties, an envoy said yesterday.
WASHINGTON –
Romualdez said the figure is a conservative estimate, noting that the semiconductor industry is an $80 billion business in Southeast Asia. If the Philippines gets 10 or 20 percent of the pie, it would reap $8 billion to $16 billion worth of investments, he added. “I think that in the next two years, our energy requirement for the country is going to be very high and so, I think, we’re trying to fast-track that as much as we can,” the envoy said.
In a separate press briefing, White House National Security Communications advisor John Kirby said US President Joe Biden, President Marcos and Japanese Prime Minister Fumio Kishida would announce new initiatives to accelerate and increase high quality infrastructure investment in the Philippines, enhance energy security, deepen maritime cooperation and strengthen partnerships on technology, and on cybersecurity.
“Our trade department, headed by Secretary Pascual, has been really looking into having a free trade agreement not only with the United States, but perhaps even with Japan. So, we’re looking at that seriously and we have been working together with our trade attaché here in pushing for specific free trade agreements.”
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