A lean but mean private delegation of tycoons and business leaders accompanied President Marcos to the United States to seize opportunities to finalize investment deals with American companies, which are again looking closely at the Philippines given the more cordial relations between the two countries.
This is a big deal for everyone since former President Rodrigo Duterte was not shy about making known his disdain for the United States—a feeling that Mr. Marcos does not share, to the delight of many business leaders.
Among those who joined Mr. Marcos for the visit from April 30 to May 4 are Aboitiz Group chair Sabin Aboitiz, Ayala Corp. chair Jaime Augusto Zobel de Ayala, SM Investments Corp. vice chair Tessie Sy-Coson, JG Summit Holdings chief Lance Gokongwei, Lucio Tan Group director Michael Tan, Alliance Global Inc. CEO Kevin Tan, Philippine Airlines chief Stanley Ng, San Miguel Corp. president and CEO Ramon S. Ang and ICTSI chair Ricky Razon.
Also on hand for top-level meetings with US business leaders were Ambassador Jose E.B. Antonio of the Century Properties Group, Michael Toledo, chair of the Chamber of Mines of the Philippines, and George Barcelon, president of the Philippine Chamber of Commerce Inc.
Antonio said the meetings with American counterparts are in line with Mr. Marcos’ thrust to bring in investments in infrastructure, power and agriculture, which are on top of his priorities.
—Tina Arceo-Dumlao
Speaking of which …
One tycoon who didn’t join the President’s delegation this time around (he was a key player in previous trips, especially the recent successful state visit to Japan) was GT Capital vice chair Alfred Ty.
Instead, the younger of the Ty duo now running the sprawling banking, property and automobile empire found himself busy on Tuesday launching the new Lexus RZ, which is the all-electric version of the highly successful Lexus RX sport utility vehicle.
Lexus is, of course, the luxury brand of Toyota Motors whose Philippine unit is chaired by Ty. It has been the market leader in the country for several years running now, currently having a vise-like hold on 50 percent of the Philippine automobile market.
During the event, Ty announced that Lexus will continue to grow its electrified vehicle offerings in the country. More importantly, he said Lexus intends “to support the creation of an ecosystem” that will make the Philippines “electrified-friendly.”
This is part of a broader plan by the brand to go fully battery-electric in North America, Europe and China by 2030. And by 2035, it wants to make a full switch to electric vehicles globally, he said. That’s just 12 years away. Talk about laying down an ambitious plan.
If this happens, it will be a big boost for the electric vehicle industry as it will reduce the so-called range anxiety of potential buyers worried about running out of battery power for their vehicles in the middle of nowhere.
For those of you who are curious, the Lexus RZ450e— the only variant available— sells for P4.82 million.
Oh, the “450” on its model number isn’t just any random number. That represents its range, in kilometers, for one full charge.