American companies are set to announce investments amounting to more than $1 billion in the Philippines, U.S. Commerce Secretary Gina Raimondo said during an official visit to Manila on Monday. Raimondo is heading a two-day trade and investment mission, the first of its kind for the Philippines. She also reaffirmed the United States' alliance with the Philippines, calling it "ironclad". The Philippines has a 73-year-old mutual defence treaty with the U.S., making it Washington's oldest treaty ally in the Asia-Pacific region. After her Manila visit, Raimondo will travel to Thailand for two days of meetings.

Source: The Standard March 11, 2024 16:36 UTC