With the Philippines as a special, iron-clad and solid treaty partner of the United States, the latter’s Commerce Secretary Gina Raimondo yesterday announced State Secretary Antony Blinken will visit the Philippines next week.
“The United States is going to continue to show up in the Philippines. I think (State) Secretary (Antony) Blinken will be here in a week or so,” Raimondo said in her remarks at a meeting with members of the American Chamber of Commerce of the Philippines, the Management Association of the Philippines, the Makati Business Club and the US-Asean Business Council in Makati City yesterday.
Raimondo is leading a delegation of officials of 22 companies which announced $1 billion in investments in the Philippines.
Raimondo said reforms undertaken by the Philippines send a huge signal to American investors the country wants more investments.
“The legislation that Philippines has passed allowing for private sector ownership of infrastructure makes public private partnerships easier,” she said noting companies in food companies, infrastructure, telecommunications, health care want to do more.
Raimondo also noted the key role the Philippines plays in the US diversification of sourcing of semiconductor and urged American companies to double from 13 the number of companies that operate assembly, test and packaging in the country.
Raimondo said the Philippines is on top of the list of US companies for a resilient supply chain such as under the CHIPs and Science Act where the US will invest $52 billion in the semiconductor industry.
“The US companies have realized that our chips supply chain is way too concentrated in just a few countries in the world. We need to diversify. That’s the opportunity for the Philippines. You’re a critical minerals-rich country. Critical minerals are more important than ever, as we think about electric vehicles, batteries etc.,” Raimondo said.
The Philippines, she said, has what US companies want: democracy rule of law, transparency, anti -corruption, reasonable regulations, “but also talent, talent, talent. “
“It seems to me that he (President Ferdinand Marcos Jr.) is committed to taking the right steps… getting rid of bureaucracy and regulations that are counterproductive, investing in talent and embracing industry,” Raimondo said.