Palace: Marcos secures $672-million investment pledges in APEC trip


Posted at Nov 20 2023 12:09 PM

MANILA — President Ferdinand Marcos Jr. secured some $672.3 million in investment pledges during his attendance at the 30th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in San Francisco, California last week, the Palace said Monday.

The Presidential Communications Office (PCO) said Marcos received investment pledges in the following sectors:

• telecommunications 
• artificial intelligence for weather forecasting
• semiconductor and electronics 
• pharmaceutical and healthcare
• renewable energy

Marcos also secured commitments for the deployment of the first two Internet MicroGEO satellites dedicated to the country, and the development of "Asia’s largest AI-driven weather forecasting program for the Philippines." 

Meanwhile, Ayala Corporation Health and Varian Medical Systems agreed to establish the Philippines’ first specialty oncology hospital during Marcos' APEC trip, the PCO said. 

The hospital aims to improve service efficiency and accessibility for Filipino patients in need of cancer care, it said.

The PCO said the trip also secured the establishment of the first US Food and Drug Administration-approved manufacturing facility in the Philippines through an agreement between Lloyd Laboratories and Difgen.

An agreement was also signed between Meralco and Ultra Safe Nuclear Corporation for the first phase of a sustainable energy project that aims to deliver affordable and reliable power access, according to the PCO.

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