Manuel V. Pangilinan and former United States Ambassador to Manila John Negroponte announced an initiative to explore opportunities for Philippine and American companies to team up in the telecommunications construction, energy, agricultural and airplane-part sectors.
“They reflect what the economy needs—principally, capital equipments, which, as of the moment, the country is not capable of producing,” Pangilinan said during the Philippines-US Trade and Investment Forum in Makati City on Tuesday.
US companies could help Philippine businesses be up-to-date on technological trends, he added.
He and Negroponte, who co-chair the United States-Philippines Society (USPS), see solid growth in business between their two countries, driven by remittances and strong domestic demand.
The US can assist in human-resource capacity building and technical knowledge through student and professional exchanges, USPS said.
Earlier, USPS donated money to the Marawi rehabilitation efforts of the Philippine Disaster Resilience Foundation, a private-sector group made up of some of the largest companies in the country.
“There have been a lot of reforms in the US. We are open for business,” Negroponte said.
“I think the US is a very attractive [place]to do business with, and that’s something interesting to [Philippine] businesses and Filipinos, as well,” he added.