US companies to announce investments of over US$1 billion in the Philippines

MANILA: US companies are place apart to reveal investments amounting to more than US$1 billion bucks in the Philippines, United States Commerce Secretary Gina Raimondo mentioned all over an decent talk about with to Manila on Monday (Mar 11).

The investments would be in areas fancy describe voltaic energy, electrical autos and digitisation, she mentioned, adding that US companies were alive to to attain business in the Southeast Asian country.

Raimondo is in Manila for a two-day alternate and funding mission on behalf of President Joe Biden. Her delegation entails top officers from companies fancy GreenFire Energy, Google Asia Pacific, Visa, United Airways and KKR.

The White Dwelling in January mentioned a alternate mission would be despatched to elevate U.S. companies’ contribution to key Philippine sectors including infrastructure, smartly-organized energy, serious minerals, agriculture and the innovation economy.

The Philippines and the United States are longstanding allies bounded by a 73-yr former mutual defence treaty. Philippine President Ferdinand Marcos Jr has sought to deepen family past defence cooperation to encompass economic partnerships.

“The US-Philippine alliance is iron clad,” Raimondo mentioned at a joint briefing with Philippine officers. “It’s sustained over 72 years, and we remain steadfast chums and increasingly more, companions in prosperity.”