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The Philippines is positioning itself as the next major manufacturing and logistics hub in Asia by leveraging its deepening ties with the United States.
President of the Philippines, Ferdinand Marcos Jr., outlined this vision at the 6th Indo-Pacific Business Forum in Manila on 21 May 2024, highlighting the country’s intensified defence and economic engagements with Washington.
Additionally, in April 2024, the US pledged significant support to accelerate investments in the Philippines, particularly focusing on transport infrastructure, clean energy and semiconductor supply chains through the Luzon Economic Corridor.
During the forum, President Marcos emphasised that the country’s comprehensive infrastructure programme, which features 185 priority projects worth approximately 9.5 trillion pesos (c. £133 billion).
Bloomberg reported that this extensive infrastructure development plan aims to elevate the Philippines’ competitive standing against regional neighbours like Vietnam and Indonesia, who are also vying for significant investment flows redirected from China as part of the US and allies’ de-risking efforts.
The Indo-Pacific Business Forum followed the ‘first-ever trilateral summit between the US, the Philippines and Japan at the White House, where the allies committed to growing investment partnerships. Daniel Kritenbrink, US assistant secretary of state for East Asian and Pacific Affairs, highlighted at the forum the intrinsic link between American prosperity and the Indo-Pacific region. Read more
Source: LOGISTICS MANAGER
