MAKATI CITY – In a significant affirmation of bilateral relations, the United States has underscored its commitment to economic engagement with the Philippines through high-level official visits and substantial American corporate investments since President Ferdinand R. Marcos Jr. assumed office in 2022.
According to Philippines News Agency, the influx of White House officials and American business delegations to the Philippines signals an intensified focus on the Southeast Asian nation within US foreign and economic policy frameworks. During a gathering with Filipino and American business leaders, Raimondo elaborated on the strategic importance of the Philippines to the United States, referencing the longstanding "ironclad and rock solid" alliance spanning 72 years.
Significantly, Raimondo highlighted the Philippines' unique position in receiving a trade and investment mission directly initiated by President Joe Biden, marking a premier engagement of its kind for the country. "This is the only place I'm leading this Presidential mission because we are choosing to prioritize the Philippines," she asserted, underscoring the deliberate choice to bolster economic ties.
On Monday, Raimondo announced over USD 1 billion in new investment commitments from US firms across various sectors aligning with the Marcos administration's focal areas, including renewable energy, artificial intelligence, digitalization, and infrastructure.
Further emphasizing the commitment, Raimondo disclosed that US Secretary of State Antony Blinken is slated for an upcoming visit to Manila, marking his second official trip to the Philippines.
During the Presidential Trade and Investment Mission, leading US business figures unveiled their expansion plans within the Philippine market. Notable announcements included:
UltraPass ID's collaboration with the Philippine Department of Budget and Management and Now Corp. to implement decentralized identity solutions. Sol-Go's initiative to significantly expand its solar panel manufacturing operations in Batangas. Microsoft's partnerships aimed at enhancing digital connectivity and skills among Filipinos. Mastercard's commitment to supporting 10,000 Philippine small businesses through financial and technological resources. InnovationForce's digital solution provision to Aboitiz Power Corp. KKR's ongoing investments in the Philippine infrastructure sector, adding to the firm's substantial existing capital commitment. Additionally, the Department of Trade and Industry confirmed a partnership with Google, while Filipino-American artist Apl.de.Ap engaged with the Asian Development Bank and Legacy EV to promote e-mobility advancements in the Philippines.
Following these engagements, Raimondo departed Manila for Bangkok to continue the President's Export Council's diplomatic and trade mission, further demonstrating the active US approach in strengthening its economic and diplomatic presence in the Asia-Pacific region.