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

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US Secretary of Commerce Gina Raimondo

Zen Hernandez

ABS-CBN News

MANILA (UPDATED) - US Commerce Secretary Gina Raimondo, who is currently in Thailand, is wrapping up a four-day visit to the Indo-Pacific. She assured the Philippines that the first US Presidential Trade and Investments mission is keen to deliver <a href="https://news.abs-cbn.com/business/2024/3/11/us-announces-over-1-billion-investments-in-philippines-1747">concrete investments</a> to the country.“We announced more than a billion dollars of US investments. Some of those investments are already underway, and the rest of them will be underway shortly. These US companies are committed. They have signed agreements to move forward with the investments, including the creation of educational and career opportunities, for Filipinos,” Raimondo said.Raimondo’s <a href="https://news.abs-cbn.com/business/2024/3/11/marcos-says-us-an-essential-investment-ally-as-biden-sends-trade-mission-1936">delegation to the Philippines</a> included CEOs of some of America&#x27;s biggest companies including Google, Mastercard, Microsoft, Visa and United Airlines.“President Marcos was clear with us and has been clear in his actions that he is very forward-leaning towards the United States. He also is very committed to making the necessary changes in the regulatory structure, cutting red tape, being against corruption, being a transparent government. All of these things are steps in the right direction, which will make the Philippines an even more <a href="https://news.abs-cbn.com/business/2024/3/12/us-commerce-chief-lauds-business-friendly-ph-2248">attractive place</a> to do business for American companies,” she added.Raimondo also went to Thailand for a fact-finding mission with President Biden’s Export Council (PEC) - a group of CEOs that advise the President on ways to grow exports, two-way trade to position the US as a global leader across industries.Raimondo added that Biden is committed to strengthening partnerships with countries in the Indo-Pacific region, especially in both the Philippines and Thailand.“This is a critical time in so far as the US is looking to diversify supply chain, and both the Philippines and Thailand provide a good deal of opportunity to help us do that. We have shared values. Both countries have a strong skilled workforce and young population. And as I said before, it&#x27;s a growing dynamic economy with innovative and entrepreneurial spirit,” she explained.Raimondo was also joined by the US Armed Forces Indo-Pacific Command (INDOPACOM) Commander, Admiral Igalino, during her visit to the Philippines.“The US has a whole of government approach to the Philippines and that the strength of both our national and our economic security relationship with the Philippines. As he and I said, economic security is national security,” Raimondo said.<div> </div><div>CHINA HITS &#x27;POLITICIZING&#x27; CHIPS</div>Meanwhile, the Chinese Embassy in the Philippines hit back at Raimondo over her statement that the US is assessing the need to expand chip export controls to China.The US started imposing export controls in 2022 over concerns that China will use these advanced chips for military applications like hypersonic missiles, and artificial intelligence.The Chinese Embassy said the export controls violate the General Agreement on Tariffs and Trade (GATT). &quot;It is a clear case of economic bullying. Such U.S. restrictions on exports to China are under the pretext of &quot;national security”. However, these measures go far beyond their excuse and gravely hinder the normal trade of ordinary chips for civilian use,&quot; the embassy said. The Chinese mission said the US should stop &quot;politicizing, instrumentalizing, and weaponizing economic, trade, and sci-tech issues, and should refrain from enticing its allies into decoupling from China.&quot; &quot;China stands ready to take all necessary measures to resolutely safeguard its legitimate rights and interests,&quot; it added. <div> </div>

US Commerce Secretary Gina Raimondo, who is currently in Thailand, is wrapping up a 4-day visit to the Indo-Pacific. She assured the Philippines that the first US Presidential Trade and Investments mission is keen to deliver concrete investments to the country.

US Commerce Secretary Gina Raimondo, who is currently in Thailand, is wrapping up a 4-day visit to the Indo-Pacific. She assured the Philippines that the first US Presidential Trade and Investments mission is keen to deliver concrete investments to the country.

US committed to deliver investments to PH - US Commerce chief Raimondo

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US committed to deliver investments to PH - US Commerce chief Raimondo

Zen Hernandez,

ABS-CBN News

Published Mar 14, 2024 04:37 PM PHT

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Updated Mar 14, 2024 05:50 PM PHT

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