US allocates PHP3B for PH energy, maritime security, and economic growth

The US government has allocated approximately PHP3 billion (USD60 million) in foreign assistance to the Philippines, marking its first such announcement since pausing most of its foreign aid commitments in January.

This funding, confirmed by the US Embassy in Manila and announced by the State Department on Wednesday, will support programs in energy, maritime security, and economic growth.

The aid was announced after President Ferdinand R. Marcos Jr.'s meeting with US Secretary of State Marco Rubio in Washington, DC on July 21.

As part of this initiative, the US State Department intends to work with Congress to allocate PHP825 million (USD15 million) for private sector development in the Luzon Economic Corridor (LEC).

If approved, this funding will support investments in transport, logistics, energy, and semiconductors that will help create jobs and drive economic growth.

The Philippines, US, and Japan launched the LEC in April 2024 to back development in Luzon with projects like the Subic-Clark-Manila-Batangas (SCMB) Cargo Railway as its flagship initiative.