Private equity firm KKR & Co will invest US$400 million in telecoms tower operations in the Philippines, according to an announcement made by the US Department of Commerce this week.
Reuters says that, according to the announcement, KKR will develop and acquire about 2,000 towers to support digital connectivity across the Philippines. This follows a two-day trade and investment mission led by US Commerce Secretary Gina Raimondo.
In fact the Philippines secured over $1 billion in commitments from American firms this week after the trade mission, which also involved executives from 22 companies including Google, Visa and Microsoft.
We reported yesterday on Microsoft’s plans, announced during the visit, to train 100,000 Philippine women in artificial intelligence technology and cybersecurity. Microsoft is reportedly also working with the Philippine central bank and the ministries of budget and trade to identify how its AI products can help boost productivity.
Added to the US pledges have been assurances gained by President Ferdinand Marcos Jr during a recent three-day working visit in Germany. In total there have been about $5 billion worth of investment pledges from German and American firms from a wide range of sectors.
Reuters says that the Philippines has long struggled to lure foreign money because of issues like red tape, weak infrastructure and policy uncertainty, so this has, it seems, been a good week for the country’s efforts to attract investment.
