United States President Joe Biden announced in early May 2023 a “first of its kind” presidential trade and investment mission to the Philippines in a bid to promote broad-based economic growth.
The mission is expected to enhance US companies’ investment in the Philippines’ innovation economy, clean energy transition, and critical minerals sector. Authorities aim to attract approximately 100 leading and high-caliber American companies to explore trade and investment prospects in the Philippines.
Biden also committed to step up the US’ support in a wide range of issues. For one, the US has plans to create a physical Open RAN Interoperability Lab in Manila, which aims to bolster and safeguard the implementation of 5G technology in the Philippines. This endeavor will not only enhance the innovation economy of the Southeast Asian nation but also offer valuable digital upskilling prospects for Filipino workers.
Additionally, the US Agency for International Development (USAID) will also launch new infrastructure initiatives aimed at harnessing over USD 3 billion in public and private funding to help uplift the Philippines’ critical mineral supply chains, advance smart grid technologies, and clean energy solutions, strengthen airport security and maritime safety, and support healthcare infrastructure.
(Sources: CNN; BusinessWorld; Philippine News Agency)