U.S. Companies to Invest Over $1 Billion in the Philippines

During an official visit to Manila, U.S. Commerce Secretary Gina Raimondo announced that American companies are gearing up to invest more than $1 billion in the Philippines.

Raimondo leads a two-day trade and investment mission, marking the first of its kind for the Philippines. The delegation comprises executives from 22 prominent companies, including United Airlines, Google, Visa, KKR Asia Pacific, and Microsoft. These investments will target sectors such as solar energy, electric vehicles, and digitization, indicating a diverse range of interests.

United Airlines recently disclosed plans to introduce new flights from Tokyo-Narita to Cebu, Philippines, commencing July 31. Both U.S. President Joe Biden and Philippine President Ferdinand Marcos Jr. are eager to address what they perceive as China’s assertive actions in the South China Sea and near Taiwan. Raimondo emphasized Washington’s commitment to expanding trade and investment not only in the Philippines but also across the broader Indo-Pacific region.

Source: REUTERS