US Trade Mission Set to Boost Investment in Philippines

Manila, Philippines – The Department of Foreign Affairs (DFA) of the Philippines announced on Monday that a high-level trade and investment mission from the United States will visit the country on March 11 and 12. This visit is a continuation of US President Joe Biden’s earlier commitment to Philippine President Ferdinand R. Marcos Jr. during his official trip to Washington, D.C., last year.

According to Philippines News Agency, the Presidential Trade and Investment Mission (PTIM) will be led by US Secretary of Commerce Gina Raimondo. The White House also confirmed the mission over the past weekend. Daza indicated that the mission aims to encourage significant investments in the Philippines, particularly in areas such as the innovation economy, clean energy transition, critical minerals sector, and food security.

The PTIM is set to be the inaugural event in a series of major commercial collaborations planned between the Philippines and the United States for the year. These initiatives signify both countries’ commitment to establishing broader and deeper public-private partnerships for lasting, inclusive, and sustainable growth and development.

Philippine Ambassador to the US Jose Manuel Romualdez previously mentioned that the US has offered support for the Mindanao Railway project. The project faced delays due to China’s unresponsiveness regarding funding requests and high loan interest rates. Transportation Secretary Jaime Bautista confirmed the Philippine government’s efforts to find alternative funding sources for the PHP81.7-billion Mindanao Railway Project Phase 1 Tagum-Davao-Digos Segment.