US Commerce Secretary Gina Raimondo during an official visit to Manila on Monday declared that American companies are poised to disclose investments totalling more than $1 billion in the Philippines.
The respective announcement marks a 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.
Raimondo unveiled that the investments will enclose many sectors such as solar energy, electric vehicles, and digitisation.
One notable investment initiative signified 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 making efforts to strengthen economic ties amid 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 promise to expand 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 restated the United States’ attitude on technological security vis-à-vis China, saying, “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 acknowledged the enduring alliance between the United States and the Philippines, labelling it as “ironclad.”
This sentiment underscores the longstanding mutual defence treaty between the two countries, which has been encountered for 73 years, making the Philippines Washington’s oldest treaty ally in the Asia-Pacific region.
The visit signifies the strategic significance 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 strengthening cooperation between the United States and Thailand in key areas such as manufacturing and supply chain resilience.
Comments