Philippine News Agency
Over $1-B pledges in PH ‘underway shortly’: White House exec
US Commerce Secretary Gina Raimondo expressed strong support for President Ferdinand "Bongbong" Marcos Jr.'s leadership and economic agenda, stating the US is "all in on the Philippines."
Raimondo led a delegation of 22 American executives, including CEOs from major companies like Google, Mastercard, Microsoft, Visa, and United Airlines, on a historic trade and investment mission.
She announced over $1 billion in new investment commitments from US companies in sectors such as renewable energy, artificial intelligence, digitalization, and infrastructure.
Raimondo assured that some of these investments are already underway, with the rest to follow shortly, emphasizing the commitment of US companies.
The trade mission fulfills a commitment made by US President Joe Biden during Marcos' visit to the US last year.
Marcos welcomed the delegation, noting the Philippines' economic resilience with 5.6 percent GDP growth in 2023, and invited further US investment.
Raimondo pointed to the Philippines' recent legislation easing foreign ownership rules and President Marcos' commitment to cutting red tape and fighting corruption as positive signals for US investors.
She also reaffirmed the "ironclad" and "rock-solid" alliance between the two nations.
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A US Presidential Trade Mission delegation of 22 companies has indicated over $1 billion in investments to the Philippines, set to create educational and career opportunities for approximately 30 million Filipinos.
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The Department of Trade and Industry (DTI) anticipates stronger business collaborations between the Philippines and the United States following a high-level US trade and investment mission scheduled for next week.
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Philippine-US relations are at an all-time high, bolstered by recent high-level engagements focusing on trade and security.
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President Ferdinand R. Marcos Jr. pledged to reduce red tape and corruption to attract more US investment.
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Twenty-two top US companies, including tech giants like Google and Microsoft, will participate in a Presidential Trade Mission to the Philippines from March 11 to 12.
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