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US Commerce Secretary Gina Raimondo speaks before Philippine business groups in Makati City on March 12, 2024. Raimondo, leading a high-level Presidential Trade and Investment Mission, announced that over $1 billion worth of investments are coming to the country from 22 American companies as the US seeks stronger trade relations with the Philippines. Mark Demayo, ABS-CBN News

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US Commerce Secretary Gina Raimondo

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/20240312080328_4e64f10c3fa42f0c021314b12960f1fc2241555b0911c2d0c7f3c6018ba07286.jpg" style="width:960px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left">US Commerce Secretary Gina Raimondo speaks before Philippine business groups in Makati City on March 12, 2024. Raimondo, leading a high-level Presidential Trade and Investment Mission, announced that over $1 billion worth of investments are coming to the country from 22 American companies as the US seeks stronger trade relations with the Philippines. <em>Mark Demayo, ABS-CBN News</em></span></span></span></div><p>MANILA - US Commerce Secretary Gina Raimondo said the US is again looking to strengthen economic ties with the Philippines as recent reforms make the country &#x27;more welcoming’ to investors.</p><p>She said the US Presidential Trade and Investment Mission to the Philippines, which ended Tuesday, is the first and only high-level trade mission from the US to the Philippines. She said this shows the desire of American companies to expand in the country.</p><div><a href="https://news.abs-cbn.com/business/2024/3/11/us-announces-over-1-billion-investments-in-philippines-1747">US Commerce chief announces over $1 billion investments in Philippines</a></div><p>Though she did not name the administration of former President Rodrigo Duterte, which pushed for closer ties with China rather than the US, Raimondo said she is happy with the new developments under the administration of President Ferdinand Marcos Jr.</p><p>“President Marcos, it seems to me, is doing all the right things to make your country more business-friendly, easier to do business in, and that&#x27;s music to our ears,” Raimondo told a group of businessmen in Makati.</p><p>Raimondo also mentioned the recent new laws the Philippines passed that helped attract foreign investments. One of these laws is the amended Public Services Act which allows for full foreign ownership in select industries such as airports, railways, expressways, and telecommunications.</p><p>“The message that we are hearing, the legislation that the Philippines passed allowing for private sector ownership of infrastructure makes public-private partnership easier. I had to tell you it sends a huge signal to the United States the Philippines wants more investments,” she asserted.</p><div><a href="https://news.abs-cbn.com/business/2024/3/12/-biden-s-trade-mission-ushers-in-stronger-ph-us-economic-ties-1017">Biden&#x27;s trade mission ushers in stronger PH-US economic ties: organizer</a></div><p>This sentiment was echoed by several Filipino business groups who joined a meeting with Raimondo. Among the business groups present are the Makati Business Club, the Management Association of the Philippines, the US-Asean Business Council, and the American Chamber of Commerce of the Philippines.</p><p>Ayala Corporation Chairman Jaime Augusto Zobel de Ayala said the last 3 years was a revival of ties between the two nations.</p><p>“Just in the last 3 years, we’ve seen a rekindling of this relationship. Your visit Secretary Raimondo also marks a significant shift in the direction that both the Philippine government and business sector have embarked on.”</p><p>Several business groups also say many reforms have been initiated in the last few years.</p><p>“Ease of doing business in the Philippines has improved. Legislation has been passed [which] has made it easier for foreign investors to come in and invest in almost any sector,” said Ted Osius, President of the US-Asean Business Council.</p><p>“From the American Chamber standpoint, time’s good, all the stars are aligned” asserted Ebb Hinchliffe, Executive Director of the AmCham PH.</p><p>Raimondo announced Monday that the 22 US companies with her in the trade mission will invest over $1 billion in the Philippines. Among the companies are Visa, Mastercard, Google, Microsoft, FedEx, UPS, and United Airlines.</p><p>Meanwhile, lawmakers from the House of Representatives pushing for Charter change said they expect more investments to enter the country once the Constitutional amendments are passed.</p><p>The House is expected to resume plenary deliberations on Resolution of Both Houses 7 on Tuesday with the goal of approving it on 2nd reading Wednesday.</p><div><strong>- With a report from RG Cruz, ABS-CBN News</strong></div><div><br/></div><div><br/></div><div><br/></div><div><br/></div>

<p>US Commerce Secretary Gina Raimondo said the US is again looking to strengthen economic ties with the Philippines as recent reforms make the country 'more welcoming’ to investors.</p>

US Commerce Secretary Gina Raimondo said the US is again looking to strengthen economic ties with the Philippines as recent reforms make the country 'more welcoming’ to investors.

US Commerce chief Raimondo says Philippines now more business-friendly

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US Commerce chief Raimondo says Philippines now more business-friendly

ABS-CBN News

Published Mar 12, 2024 04:41 PM PHT

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Gina Raimondo

Ferdinand Marcos Jr

trade

Presidential Trade and Investment Mission

foreign investment

AmCham

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