Philippines to invest $100bn in power after trilateral talks with US, Japan

In a landmark trilateral meeting held in Washington, DC, President Ferdinand R. Marcos Jr. engaged with US President Joe Biden and Japanese Prime Minister Fumio Kishida, setting the stage for significant economic collaborations. The Philippine government is poised to attract approximately US$100 billion in investments over the next five to 10 years, as revealed by the Philippine Ambassador to the United States, Jose Manuel Romualdez.

Ambassador Romualdez highlighted the diversification of investment opportunities across various sectors, notably energy and digital infrastructure. President Marcos is particularly enthusiastic about potential ventures in the energy sector, including discussions with companies such as Ultra Safe, a major player in supplying small modular nuclear power plants.

The anticipated influx of investments signifies the Philippines’ strategic positioning to foster economic growth and development. Romualdez emphasized the country’s commitment to opening up its economy, with a keen focus on energy and digital infrastructure projects, alongside physical infrastructure initiatives.

President Marcos’s itinerary in the United States includes meetings with key business leaders to explore collaboration opportunities. Additionally, White House National Security Communications Advisor John Kirby announced plans for US Secretary of Commerce Gina Raimondo to convene discussions aimed at enhancing trilateral maritime, trade, and investment cooperation among the Philippines, Japan, and the United States.