US Companies to Invest $1 Billion in Philippines, Raimondo Announces
US companies participating in a trade and investment mission led by President Joe Biden are set to inject over $1 billion in investments into the Philippines, according to US Commerce Secretary Gina Raimondo. The announcement was made during a joint briefing with Philippine officials on Monday, highlighting the strong bond between the US and the Philippines.
Commerce Secretary Raimondo is spearheading the investment mission, which includes around 20 American executives aiming to enhance economic ties between the two nations. Microsoft Corp. revealed plans for new partnerships and initiatives to boost AI adoption in the Philippines, along with other investments in digital upskilling, solar and nuclear projects, and the launch of a new airline route to Cebu province.
The move comes as part of a broader strategy by the US to strengthen its influence in Southeast Asia, with Raimondo scheduled to visit Thailand this week. The region is navigating a delicate balance between longstanding ties with the US and deep economic connections with China amidst escalating tensions between Washington and Beijing.
Addressing concerns about China’s chip capabilities, Raimondo emphasized that the US will take necessary steps to safeguard its interests, indicating a commitment to protecting its position without seeking complete disengagement from China.
President Ferdinand Marcos Jr. expressed optimism about potential support under the CHIPS Act, highlighting the Philippines’ collaboration with the US on security matters, including joint patrols in the South China Sea. The nation aims to capitalize on its defense alliance with the US to access economic opportunities, particularly in the oil and gas resources of the disputed waters.
Marcos underscored the Philippines’ commitment to developing a skilled workforce to meet the demands of high-tech industries, citing a target of 128,000 semiconductor engineers and technicians by 2028. The move aligns with efforts to attract investments and solidify the country’s position as a key player in regional economic growth.
As the Philippines navigates territorial disputes and explores economic partnerships, Raimondo affirmed the mutual respect and strategic importance of the US-Philippines alliance. With a focus on economic growth, technological advancement, and security cooperation, both nations are poised to benefit from the strengthened ties and shared goals outlined during the investment mission.
By leveraging strategic alliances, fostering innovation, and enhancing workforce capabilities, the US and the Philippines are charting a path towards sustainable growth and prosperity in the Asia-Pacific region.
