By Minnie Talimio
The two-day U.S. Presidential Trade and Investment Mission (PTIM) to Manila has left a palpable impression of how the country’s economic landscape will positively change for the greater good.
The two day mission held March 11-12 was the first of its kind, an offshoot of the bilateral meeting that U.S. President Joe Biden and President Ferdinand Marcos, Jr. held May 2023 at the White House. On March 11, Malacañang welcomed the PTIM group led by U.S. Secretary of Commerce Gina Raimondo.
Oro Chamber Board Chair Ray Talimio, Kag. George Goking, and Mrs. Minnie Talimio with AmChan Executive Director Ebb Hinchliffe at Fairmont Hotel, Makati.
Raimondo announced during the forum that a total of USD $1 billion of “high impact investments in high impact industries” will be poured into the country for priority sectors earlier identified by the Marcos administration.
These include investments in solar and nuclear energy, electric vehicles, digitalization and telecommunications. Exciting news also came in the form of educational opportunities via digital and AI upskilling programs that will benefit over 30 million Filipinos.
In an oddly beautiful coincidence and considering that March is hailed as the International Women’s Month, Raimondo announced that Microsoft, Inc. has committed, through the Technical Education and Skills Development Authority (TESDA) to train no less than 100,000 Filipino women in AI and cybersecurity.
The breakfast session on the second day at the Fairmont Hotel was jointly sponsored by the American Chamber of Commerce of the Philippines (AmCham), the Makati Business Club (MBC), the Management Association of the Philippines (MAP), and the US-Asean Business Council.
In attendance were PTIM delegates, heads of the different embassies and government agencies, and select business groups. The lone speaker in the fireside chat was Raimondo who gamely and excellently answered the questions of the moderator.
Cagayan de Oro was ably represented by City Council Chairman for Trade and Commerce, and Ways & Means, Kag. George Goking. With him were Ray Talimio, Jr., Board Chairman of the Cagayan de Oro Chamber of Commerce and Industry (Oro Chamber), and this writer.
To encapsulate her talk, she intimated the important relationship of the two countries and her firm belief that the PTIM will make the relationship even stronger. Together with her team on the 2-day visit were executives from 22 U.S. Companies spanning different industries from start-ups to the very best, like Google, Microsoft, KRR Asia Pacific, Visa, UPS, FedEx, etc.
“The message that we are hearing, the legislation that the Philippines has in allowing for private sector ownership of infrastructure, makes it much easier and sends a huge signal to the United States that the Philippines wants more investments,” Raimundo stressed.
The US Trade Secretary is also looking positively at getting the Philippines as one of their country’s suppliers in microchips, especially since the U.S. congress recently passed a bill allowing her office to invest 52 U.S. billion dollars in chips.
The increasing demand for this product that most devices in the world today can’t do without, is creating a big opportunity for the country.
“Philippines already has 13 Semiconductor Assembly, Testing, and Packaging Facilities,” Raimundo noted. “Let’s double it. Now is the moment of growth. Philippines has the talent, expertise, and is a critical mineral rich country. Critical minerals are more important than ever as we think about electric vehicles, batteries, and the like.”
Asked how the Philippines can be a better environment for investments, she replied, “I believe you’re on top of the list. You have democracy, rule of law, transparency, anti-corruption, a fair shape, reasonable regulations plus talent, talent, talent!”.
The AmCham’s presence in Cagayan de Oro last February 23, 2024 during the Networking Night and with AmCham Executive Director Ebb Hinchcliffe paved the way for Cagayan de Oro’s representation during the PTIM in Manila.
Worth noting was how the AmCham Networking Night hosted by AmCham Mindanao Vice President Elpidio “Elpie” Paras at the Xavier Sports and Country Club was attended by businessmen and professionals of the city, including the AmCham Mindanao officers led by Pres Jocelyn Catampo, Oro Chamber members led by Pres. Jess Jardin, and Rep. Yevgeny “Bambi” Emano (2nd District, Misamis Oriental).
Earlier, the local government of Cagayan de Oro and with the full support of Mayor Rolando “Klarex” Uy, mounted the successful investment forum at Edsa Shangri-la on October 5, 2023 facilitated by the Oro Chamber with then President Ray Talimio at the helm.
Ably representing the city in that event was Kag. Goking who took to the floor to report and regale the audience on new and future developments of the city. It was attended by many business leaders and prospective investors. One of the invitees and resource speakers was the U.S. Senior Commercial Officer Paul Taylor of the U.S. Embassy who gave a sneak preview to all those present of the exhilarating events that would soon be unfolding with investments from the United States.
Another stroke of good fortune leading to the PTIM was the invitation of both Kag. Goking and Mr. Talimio to the Economic & Ease of Doing Business (EODB) Briefing at the Manila Hotel on January 24, 2024.
Organized by the Anti-Red Tape Authority (ARTA) with the theme “From Red Tape to Red Carpet: Charting Progress through Strategic Investment and Boosting Economic Opportunities,” it was organized by Director General Ernesto V. Perez and joined by Presidential Adviser on Investment and Economic Affairs Sec. Frederick Go, among others.
The summation of all these events is for Cagayan de Oro city to have a slice of the pie on foreign investments that will be pouring into the country. These are crystal opportunities for social, educational and economic growth. In the end it is the dream of every Kagay-anon to usher in development and progress to their beloved Cagayan de Oro.
