US Commerce Secretary announces $1 billion investments in Philippines

During an official visit to Manila on Monday, US Commerce Secretary Gina Raimondo revealed that American companies are poised to unveil investments totaling more than $1 billion in the Philippines.

This announcement marks a significant milestone as Raimondo leads a two-day trade and investment mission, the first of its kind for the Philippines.

Executives from 22 well-known organisations, including Microsoft, KKR Asia Pacific, Visa, United Airlines, and Google, are part of the group.

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Raimondo disclosed that the investments will encompass various sectors such as solar energy, electric vehicles, and digitisation.

One notable investment initiative highlighted during the visit was United Airlines' plan to introduce new flights from Tokyo-Narita to Cebu, Philippines, commencing on July 31.

This move underscores the growing economic collaboration between the United States and the Philippines.

It comes at a time when both nations are intensifying efforts to strengthen economic ties amid heightened geopolitical tensions, particularly in the South China Sea and near Taiwan.

Addressing the joint briefing with Philippine officials after meeting with President Ferdinand Marcos Jr. at the presidential palace, Raimondo emphasised Washington's commitment to expanding trade and investment not only in the Philippines but also throughout the larger Indo-Pacific region.

She referenced the Indo-Pacific Economic Framework, a US-led group comprising 14 nations.

Raimondo reiterated the United States' stance on technological security vis-à-vis China, stating, "My job is to protect the American people and to make sure that our most sophisticated technology... that they can't access it and use it to enable the Chinese military".

Furthermore, Raimondo reaffirmed the enduring alliance between the United States and the Philippines, labeling it as "ironclad."

This sentiment underscores the longstanding mutual defense treaty between the two nations, which has endured for 73 years, making the Philippines Washington's oldest treaty ally in the Asia-Pacific region.

The visit highlights the strategic importance of the Philippines in the broader geopolitical landscape of the Indo-Pacific region.

Following her engagements in Manila, Raimondo is scheduled to travel to Thailand for a series of meetings aimed at bolstering cooperation between the United States and Thailand in key areas such as manufacturing and supply chain resilience.

As part of her agenda, she will lead members of the US President's Export Council to explore avenues for enhancing collaboration and identifying opportunities for mutual benefit.

(With inputs from Reuters)