DTI urges firms to take part in Indo-Pacific Business Forum

MANILA, Philippines — The Department of Trade and Industry (DTI) is encouraging local companies to take part in the upcoming Indo-Pacific Business Forum (IPBF) being hosted by the Philippine government with the US.

Trade Secretary Alfredo Pascual said the forum is scheduled on May 21 at the Shangri-La The Fort in Taguig.

“We are stimulating the participation of the Philippine companies. Many investors are attending,” he said.

Held annually, the IPBF is the US government’s premier commercial event in the Indo-Pacific region to promote trade, investment and economic cooperation.

The US Trade and Development Agency, US Department of State and the Philippine government are organizing this year’s forum.

The IPBF this year will build on the success of the previous five editions of the forum that have brought together more than 8,500 participants from 67 countries.

It is expected to provide government, industry and international partners a chance to share knowledge, identify export opportunities in emerging Indo-Pacific economies and help find infrastructure solutions for development challenges.

The IPBF also serves as a venue to learn more about government tools and programs to support projects in the region.

Business opportunities expected to be showcased during the event are investments in emerging Indo-Pacific economies including those involving clean energy transition, emerging technologies and cyber security, supply chain and industrial value chain resilience and health and food security.

Around 500 attendees are expected to attend the in-person event, which will have a virtual livestream for greater participation.

Aside from the IPBF, Pascual said another important event, the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum is being held in Singapore in June.

“In our bilateral meeting with Secretary Gina Raimondo of the Department of Commerce of the US, she is encouraging us to be ready with our proposed projects when we go there because they are going to invite investors and fund managers to Singapore,” the DTI chief said.

According to Pascual, the Philippine government would want three projects designed to spur the development of the Luzon Economic Corridor such as the Subic-Clark-Manila-Batangas railway system, Clark International Airport development and expansion and Clark national food hub to be considered by investors attending the event in Singapore.

During the trilateral leaders’ summit held earlier this month, the leaders of the US, the Philippines and Japan announced the intent to develop the Luzon Economic Corridor as the latest economic corridor of the G7 Partnership for Global Infrastructure and Investment and the first in the Indo-Pacific region.

The US, the Philippines and Japan will work together to accelerate investments in high-impact infrastructure projects including rail, ports modernization, clean energy and semiconductor supply chains and deployments and agribusiness to develop the Luzon economic corridor, which will support connectivity between Subic Bay, Clark, Manila and Batangas,

The development of the corridor is expected to support the growth of the semiconductor industry through reduced logistics and energy costs and a favorable policy and regulatory environment, as well as improve food security by connecting farmers to market through improved logistics and cold chain storage infrastructure.