The Wall Street Bull | Photo by Fabio Spano on Unsplash
Following President Marcos’ instructions, our team at the Philippine embassy in Washington, DC, is going full blast with our economic diplomacy efforts as we continue our engagements with US legislators and government officials. In fact, we discussed this extensively during our strategic planning session with Philippine consuls general all across the United States, including Guam, on how we will be moving forward relative to the incoming Trump administration.
We see several opportunities to explore potential joint ventures between US and Philippine investors in various sectors. A very good example of a successful joint venture is Amber Kinetics, a global leader in designing and manufacturing long-duration flywheel energy storage systems.
I recently visited their facility in Union City, California. I was briefed on the company’s cutting-edge technology, which provides safe, sustainable, and reliable energy storage solutions for the modern grid.
Edgar Chua, former country chairman of Shell in the Philippines, is the CEO of Amber Kinetics. During a tour of the facility, I spoke with chief technology officer and co-founder Dr. Seth Sanders, who said they are expanding operations in the Philippines, where their innovation hub is. Their facility in Batangas manufactures, assembles, and tests flywheels, while their demo site is located at De La Salle University in Laguna.
Amber Kinetics is a modest company with enormous potential because of its role in global efforts to transition towards a clean energy future. It also has a significant role in advancing the Philippines’ renewable energy sector. Its investment and innovation in energy storage are transforming the country’s energy landscape, driving sustainability, and supporting our transition to a greener future.
Armscor Global Defense is another company with joint ventures in the United States, with Nevada, Montana, and Utah facilities. This is an example of a quid pro quo business engagement since it will benefit both the US and the Philippines—which is how we will approach our economic diplomacy agenda with the Trump administration.
We want to see more of these economic activities in the future, with joint ventures in various sectors, including semiconductors, digital, infrastructure, and artificial intelligence.
Our main thrust is economic diplomacy, which would help the country achieve economic prosperity that can translate to economic security. To this end, there have been many positive developments, like the P1.25-billion partnership between Ramon Ang’s New NAIA Infra Corp. (NNIC) and Manny Pangilinan’s Manila Electric Company (Meralco) to upgrade the power supply at the Ninoy Aquino International Airport (NAIA).
This collaboration will ensure a reliable electricity supply at NAIA and “directly improve functionality, safety and the passenger experience, setting the foundation for a world-class airport that every Filipino can be proud of,” said NNIC president Ramon Ang.
“The Philippines is really in a good place today, judging from the positive economic outlooks from international financial institutions like the World Bank, which projects the economy growing at an average of six percent from 2024 to 2026.”
I have known Ramon for a long time, whom I fondly call “Don Ramon,” considering how he has transformed San Miguel into what it is today. Our good friend, the late SMC chairman Eduardo “Danding” Cojuangco, had great admiration for Ramon’s business acumen and vision, and many would agree that without him, SMC would not be what it has become today—one of the biggest and most diversified conglomerates in the Philippines.
Meralco chairman Manny Pangilinan said enhancing NAIA’s power reliability will help “empower the tourism and travel industry, support economic growth,” and transform it into a world-class facility.
I have said on several occasions that a stable and reliable electricity supply is crucial in attracting investors to sustain growth and transform the economy. The country’s biggest private electric distribution company can help bring economic progress to many parts of the country.
As Meralco senior vice president Arnel Casanova pointed out during a financial forum with The Monday Circle to discuss the economic and business landscape, a primary objective is to “make the Philippines competitive in the global economy, particularly in the context of becoming digital.” For food security, for instance, power is needed for cold storage. In health care, power is crucial for hospitals to operate very well, improve quality of life, and for businesses to thrive.
The Philippines is really in a good place today, judging from the positive economic outlooks from international financial institutions like the World Bank, which projects the economy growing at an average of six percent from 2024 to 2026.
According to World Bank country director for the Philippines, Zafer Mustafaoglu, “strong growth puts the country on a firmer footing to maintain gains in poverty reduction,” but warned about the country’s vulnerability to extreme weather events like typhoons.
Knowing the economic impact of natural disasters, President Marcos has called on the National Disaster Risk Reduction and Management Council, other concerned agencies, and local government units to “develop innovative solutions” that are science-based, sustainable, and future-ready.
The Luzon Economic Corridor (LEC), a partnership between the Philippines, Japan, and the United States to develop infrastructure projects such as railways, port modernization and upgrades, semiconductor supply chains, and others aimed at driving economic growth, is also attracting interest from countries like Australia, South Korea, Sweden, and the United Kingdom to participate in development projects under the LEC.
We are confident that the economic relationship between the Philippines and the United States will be even better under the Trump administration. Our focus on investments down the line is a two-way street—beneficial to both countries in the long run.
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