US firms plan to invest up to $1b in Philippines

US companies plan to invest over $1 billion in the Philippines, focusing on solar energy, electric vehicles, and digitisation, Reuters reported on Monday, citing US Commerce Secretary Gina Raimondo during her visit to Manila.

Raimondo is leading a trade and investment mission on behalf of President Joe Biden, with representatives from companies like GreenFire Energy, Google Asia Pacific, Visa, United Airlines, and KKR.

The White House aims to boost US companies’ involvement in key Philippine sectors such as infrastructure, clean energy, critical minerals, agriculture, and innovation.

The Philippines and the US have a longstanding alliance, with President Ferdinand Marcos Jr. looking to expand economic partnerships beyond defence cooperation.

Raimondo emphasised the strong US-Philippine alliance, stating it is a solid partnership sustained over 72 years, and that they were committed to being friends and partners in prosperity.