Over 25 US execs coming to PH to scout prospects

MANILA, Philippines – At least 25 American business executives and investors will visit the Philippines this July for a five-day business mission aimed at exploring fresh opportunities in tourism, business and investment, the Department of Trade and Industry (DTI) said.

The mission, scheduled from July 6 to July 10, will cover key economic areas, such as Manila, Clark, Subic and Corregidor, with meetings lined up with Philippine government officials and local business leaders.

READ: 50 firms keen on PH ‘Pax Silica’ hub

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“The main goal of the trip is to create stronger economic ties and encourage more US companies to invest in the country’s growing economy,” the DTI Philippine Trade and Investment Center (PTIC) said in a statement.

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While the DTI did not disclose the participating companies, it said the delegation would include senior executives from major US investment firms based in the Northeast and Midwest regions.

In Manila, the delegation will attend a business forum organized by the American Chamber of Commerce of the Philippines, together with business groups and local banks, to discuss opportunities in energy, banking, telecommunications, manufacturing, housing, tourism and shipping.

The delegation is also scheduled to meet with Philippine economic and tourism officials to discuss the country’s investment climate and workforce.

A meeting with the Department of Tourism comes as the United States has become the Philippines’ largest source of foreign visitors this year, with 531,859 arrivals from January to May, ahead of South Korea’s 501,789.

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According to the DTI-PTIC, the delegation will also visit Clark and Subic to inspect major infrastructure developments and investment sites.

In New Clark City, the United States has an ongoing Pax Silica development, where it plans to put up a 1,619-hectare industrial complex focused on artificial intelligence infrastructure, such as advanced manufacturing.

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That site was visited in May by US Under Secretary of State for Economic Growth, Energy and the Environment Jacob Helberg, who led a separate delegation of about a dozen companies each worth more than a billion dollars.

READ: US official to visit PH over Pax Silica plans

“The trip comes at a time when the Philippines is actively working to welcome international businesses and establish itself as a key partner for US companies looking to grow in Asia,” the statement said.

The mission will conclude with a visit to Corregidor Island, the historic fortress that served as one of the last strongholds of Filipino and American forces during World War II.

The business mission was organized by the DTI-PTIC in New York together with the Philippine Consulates General in New York and Chicago, in partnership with American and Philippine public and private business groups.

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It was organized as early as February to give American businesses “an in-depth look at the Philippine economy and the opportunities available through the mission.” INQ