Philippine investment leads arising from US meetings mostly tech

THE Department of Trade and Industry (DTI) said investment leads generated during the President’s US trip are mostly from technology companies, Trade Secretary Alfredo E. Pascual said.

Mr. Pascual said follow-up on the leads might end up adding to the $672.3 million worth of investment pledges obtained on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco.

“There are companies that expressed interest, but we have not quantified (the potential investments),” he said at a briefing on Tuesday.

“These are tech companies …  and they have not quantified their investments yet because they are yet to talk with customers from the Philippines,” he added.

Mr. Pascual said the government delegation that visited the US gave rise to meetings with at least 15 US companies, five of which signed preliminary agreements.

On Monday, the Palace said President Ferdinand R. Marcos, Jr. obtained pledges for potential investments in telecommunications, artificial intelligence-enabled weather forecasting, semiconductors and electronics, pharmaceuticals and healthcare, and renewable energy.

Some $400 million of the investment pledges will potentially go to telecommunications, and $250 million to semiconductors. — Justine Irish D. Tabile