US companies are to announce investments amounting to more than US$1 billion in the Philippines, US Secretary of Commerce Gina Raimondo said during an official visit to Manila on Monday.
Raimondo is heading a two-day trade and investment mission, the first of its kind for the Philippines.
The delegation includes executives from 22 companies including United Airlines Holdings Inc, Alphabet Inc’s Google, Visa Inc, KKR Asia Pacific and Microsoft Corp.
Photo: AP
The investments are to span areas like solar energy, electric vehicles and digitization, she said.
US efforts to deepen economic ties with the Philippines come in tandem with increased cooperation in defense.
Both US President Joe Biden and Philippine President Ferdinand Marcos Jr are keen to counter what they see as aggressive actions by China in the South China Sea and near Taiwan.
Speaking at a joint briefing with Philippine officials after meeting with Marcos at the presidential palace, Raimondo said Washington’s commitment to expanding trade and investment in the Philippines extends to the larger Indo-Pacific region through the Indo-Pacific Economic Framework — a 14-nation US-led group.
Raimondo reiterated the US has no intention of “decoupling” from China, but it would not be allowed access to Washington’s advanced technology.
“My job is to protect the American people and to make sure that our most sophisticated technology, including semiconductor technology, artificial intelligence technology that we have and China doesn’t have, that they can’t access it and use it to enable the Chinese military,” Raimondo said.
She also reaffirmed the US alliance with the Philippines, calling it “ironclad.”
After her Manila visit, Raimondo is to travel to Thailand for two days of meetings.
She is to lead members of the US President’s Export Council to identify opportunities for the two countries to strengthen cooperation in areas such as manufacturing and supply chain resiliency.
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