On Wednesday, 3 May 2023, President Ferdinand R. Marcos Jr. along with Department of Trade and Industry (DTI) Secretary Fred Pascual and other Cabinet officials, met with the member companies of the United States ASEAN Business Council and the United States Chamber of Commerce including both Chambers’ executives and officials for a business forum and roundtable discussion.
The US ASEAN Business Council was represented by Ambassador Ted Osius, while Senior Vice President Charles Freeman stood as representative of the US Chamber of Commerce. During the meeting, President Marcos Jr. outlined his plans for economic recovery and expansion as well as other ongoing initiatives of the government to create a healthier business environment in the Philippines that will further attract US investments.
In his message, Secretary Pascual said that, “We are particularly excited and we look forward to welcoming projects such as business process outsourcing, healthcare, semiconductors, energy including nuclear power, and battery and electric vehicle manufacturing.”
Executives from several American companies attended the roundtable discussion to learn about government reforms and incentives under the Public Service Act (PSA), Foreign Investment Act (FIA), Retail Trade Liberalization (RTLA), and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. Among these American companies were Akin Gump, Exxonmobil, Citi, IMB, Tenet Healthcare, FedEx, Kimberly-Clark, and PepsiCo, Inc.
Secretary Pascual took the opportunity also to recognize the long-standing relationship of the Philippines with the USABC and the USCC. He acknowledged the significant contribution of American companies that have invested in the Philippines for several decades now. By the end of the program, he proposed a toast in celebration of the bilateral relationship between the Philippines and the United States and to signify the Philippine government’s openness to do business with American companies.
“To the CEOs and executives, we’ve met and talked to, thank you for the trust and confidence. Let me reiterate President Marcos’ invitation for all of you to invest in the Philippines,” he said.