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American companies announce investments worth more than US$1 billion in the Philippines

American companies announce investments worth more than US$1 billion in the Philippines

MANILA: American companies are set to announce investments worth more than US$1 billion in the Philippines, US Commerce Secretary Gina Raimondo said during an official visit to Manila on Monday (March 11).

She added that the investments will be in areas such as solar energy, electric cars and digital transformation, adding that American companies are keen to do business in the Southeast Asian country.

Raimondo is in Manila on a two-day trade and investment mission on behalf of President Joe Biden. Its delegation includes senior officials from companies such as GreenFire Energy, Google Asia Pacific, Visa, United Airlines and KKR.

The White House said in January that a trade mission would be sent to boost the contribution of US companies in key Philippine sectors including infrastructure, clean energy, critical minerals, agriculture and the innovation economy.

The Philippines and the United States are long-time allies and are bound by a 73-year-old mutual defense treaty. Philippine President Ferdinand Marcos Jr. has sought to deepen relations beyond defense cooperation to include economic partnerships.

“The US-Philippine alliance is iron-clad,” Raymundo said in a joint press conference with Philippine officials. “We have maintained it for 72 years, and we remain loyal friends and growing partners in prosperity.”

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