The Philippines is expected to receive $1 billion from U.S. firms. U.S. Commerce Secretary Gina Raimondo announced this during a meeting in Manila on Monday, Mar. 11.

This effort was confirmed during Raimondo's two-day trade and investment visit to the Philippines on behalf of U.S. President Joe Biden.

Philippines Could Receive $1 Billion From US Firms!

In January, the U.S. government announced that a trade mission would be sent to the Philippines to enhance the contribution of U.S. companies in the Asian ally's sectors.

For the past 73 years, the United States and the Philippines have been bound by a mutual defense treaty. Philippine President Ferdinand Marcos Jr. said that he wanted to deepen this relationship.

He wants the long-standing partnership between the U.S. and the Philippines to be beyond defense cooperation and include economic partnerships.

Gina Raimondo also said that the U.S.-Philippine alliance is "ironclad."

"It has been sustained over 72 years, and we remain steadfast friends and increasingly partners in prosperity," said the American official via Philstar Interaksyon.

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Where Will US Investments Be Used For?

Channel News Asia reported that the $1 billion investment will be used for numerous projects in the Philippines, including digitization, electric cars, and solar energy.

These investments come in tandem with increased cooperation in defense with the Philippines since both Joe Biden and Bongbong Marcos want to counter the aggressive actions of China.

Raimondo said during the joint briefing that the U.S. commitment to expanding trade and investment in the Philippines extends to the larger Indo-Pacific region.

She explained that the United States is doing this through the Indo-Pacific Economic Framework, a 14-nation group led by the U.S.

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