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You are at:Home » US companies are set to invest over $1 billion in the Philippines
Finance and Investing

US companies are set to invest over $1 billion in the Philippines

Gazet InternationalBy Gazet InternationalMarch 12, 2024Updated:January 27, 20253 Mins Read
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During an official visit to Manila on Monday, United States Commerce Secretary Gina Raimondo announced that American businesses are expected to announce investments totaling more than $1 billion in the Philippines.

Manila, Philippines

This two-day trade and investment expedition, which is the first of its type for the Philippines, is being led by Raimondo. Executives from 22 different organizations, including Microsoft, KKR Asia Pacific, Visa, United Airlines, and Google, are part of the group.

According to her, the investments will be made in digitization, electric vehicles, and solar energy.

United said this week that it would begin operating additional flights on July 31 from Tokyo-Narita to Cebu, Philippines.

The United States’ endeavors to enhance its economic relations with the Philippines are congruent with heightened defense cooperation. Presidents Joe Biden of the United States and Ferdinand Marcos Jr. of the Philippines are eager to retaliate against what they perceive to be China’s aggressive moves in the South China Sea and in the vicinity of Taiwan. Taking decisive actions, they are determined to address the escalating tensions in the region.

After meeting with Marcos at the presidential palace, Raimondo spoke at a joint briefing with Philippine officials. She stated that Washington is committed to growing trade and investment in the Philippines. Additionally, the United States is dedicated to fostering economic development in the larger Indo-Pacific region through the Indo-Pacific Economic Framework, a 14-nation group led by the United States.

Raimondo restated that, despite Washington’s refusal to grant China access to its cutting-edge technologies, the United States had no intention of “decoupling” from Beijing. However, she emphasized the need for strategic safeguards in the relationship.

“My job is to protect the American people and to make sure that our most sophisticated technology, including semiconductor technology, artificial intelligence technology that we have and China doesn’t have, that they can’t access it and use it to enable the Chinese military,” said Raimondo.

She also called the US alliance with the Philippines “ironclad” and reiterated it.

The Philippines, Washington’s oldest treaty friend in the Asia-Pacific area, has a mutual defense treaty dating back 73 years. This treaty solidifies their alliance and underscores their commitment to each other’s security.

Raimondo is scheduled to visit Thailand for two days of meetings following her visit to Manila. As the head of the U.S. President’s Export Council, she will spearhead efforts to improve collaboration between the two nations in sectors such as manufacturing and supply chain resilience. Additionally, she will focus on finding ways to enhance cooperation and strengthen ties.

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