The US Department of State is allotting at least P3 billion ($60 million) in foreign assistance to fund the Philippine government’s energy, maritime, and economic growth programs, the US Embassy in Manila said on Wednesday.
Part of the P3 billion grant is a P825-million funding for the development of the Luzon Economic Corridor, an infrastructure project in Manila, Batangas, Subic and Clark in Pampanga. It was launched during the 2024 trilateral summit of the Philippines, US and Japan.
The embassy said the funding was announced after US Secretary of State Marco Rubio met with President Marcos in Washington, DC, on July 21.
This is the US government’s first announcement of new foreign assistance for any country since the Trump administration began its review and realignment of foreign aid in January, the embassy added.
Rubio announced the allocation of the P825 million to “catalyze private sector development” in the Luzon Economic Corridor. The embassy said the US Department of State will work with the US Congress to get the funding approved.
If approved, it would funnel investment into sectors such as transport, logistics, energy, and semiconductors.
It will also generate jobs and drive economic growth in the Philippines, the embassy said.
