US Companies To Invest $1 Billion In The Philippines

US Companies To Invest $1 Billion In The Philippines

US Commerce Secretary Gina Raimondo announced investments worth more than $1 billion in the Philippines during her official visit to Manila. Her visit is part of a two-day trade and investment mission representing President Joe Biden’s administration.

Raimondo highlighted that investments from US companies would span various sectors such as solar energy, electric vehicles, and digitisation. Additionally, she emphasised the eagerness of US companies to engage in business ventures within the Southeast Asian nation. She was accompanied by high-ranking officials from prominent companies, including Google Asia Pacific, GreenFire Energy, Inc., Visa, United Airlines, and KKR.

In January, the White House announced plans for a trade mission to enhance US companies’ contributions to key sectors in the Philippines. These included infrastructure, clean energy, critical minerals, agriculture, and the innovation economy.

Philippine-US relations are deeply rooted in a 73-year-old mutual defence treaty, which illustrates the depth of their alliances. Philippine President Ferdinand Marcos Jr. has expressed interest in broadening ties beyond defence cooperation to encompass economic partnerships. In a joint briefing with Philippine officials, Raimondo described the U.S.-Philippine alliance as “ironclad.” She stressed the endurance of the alliance over 72 years and highlighted the evolving nature of their friendship, which increasingly emphasises cooperation for mutual prosperity.