Several US firms are investing over $1 billion in the Philippines
A high-level US trade and investment mission to the Philippines is set to inject over $1 billion into the country’s economy across various sectors, signaling a significant boost in bilateral cooperation. Led by US Secretary of Commerce Gina Raimondo, the mission comprises executives from prominent companies like Microsoft Corp., Google Asia Pacific, and Black & Veatch Corp. These investments aim to address key priorities identified by the Manila government, including energy, upskilling, and infrastructure development.
During a press conference, Raimondo highlighted the announcement of investments totaling over a billion dollars, emphasizing initiatives such as digital upskilling for millions of Filipinos, partnerships with local agencies for AI and cybersecurity training, and the establishment of an electric vehicle education center. These ventures align with the Philippines’ goals in energy sustainability and climate resilience, with investments planned in solar, nuclear, and other renewable energy projects.
The mission also aims to enhance economic ties between the two countries through discussions on trade policies, workforce development, and infrastructure projects. Key topics include the renewal of the US Generalized System of Preferences (GSP) program, workforce training under the CHIPS Act, and resolving trade issues affecting Philippine exports.
The visit underscores the importance of the US as a key trading partner and investor in the Philippines. With total trade reaching $20 billion, the US plays a pivotal role as the largest export market for Philippine goods and a significant source of foreign direct investments (FDI). President Marcos expressed eagerness for American firms to participate in the Philippines’ ambitious “Build, Better, More” program, which aims to launch transformative infrastructure projects totaling $148 billion.
These flagship projects span various sectors, including transportation, water resources, agriculture, health, digital connectivity, and energy. Marcos emphasized the strategic advantages of investing in the Philippines, citing its central location in Southeast Asia and its potential to become the region’s logistics hub. He called on American businesses to explore opportunities in the country’s energy sector, critical metals exploration, and processing, highlighting the multitude of advantages for investors.
The visit marks a significant milestone in strengthening economic cooperation and fostering mutual prosperity between the Philippines and the United States. It reflects the commitment of both governments to deepen bilateral relations and leverage each other’s strengths for sustainable growth and development.
News: Several US firms are investing over $1 billion in the Philippines
