Latest news with #US-envisioned
GMA Network
2 days ago
- Business
- GMA Network
US announces $60-million aid for Philippine economy, maritime security
"This is the US government's first announcement of new foreign assistance for any country since the Trump administration began its review and realignment of foreign assistance in January," the State Department said in a statement highlighting Washington's commitment to its ties with its oldest treaty ally in Asia. US Secretary of State Marco Rubio announced $60 million in fresh funding to bolster the Philippines' economy and maritime security, as Manila and Washington agreed to expand cooperation and further strengthen their more than seven-decade-old treaty alliance. Rubio thus announced in a statement Wednesday, two days after he met with Philippine President Ferdinand Marcos Jr., who was in Washington for a meeting with US President Donald Trump. It also came on the heels of the new 19% tariff rate for goods from the Philippines, which Trump announced after meeting Marcos at the White House on Tuesday (Wednesday in Manila). Manila and Washington have yet to reveal details of the trade deal. The new levies on Philippine goods were just below the 20% demanded by Trump this month and were above the 17% rate set in April when Trump announced sweeping reciprocal tariff rates for its trading partners, including its allies. "This is the US government's first announcement of new foreign assistance for any country since the Trump administration began its review and realignment of foreign assistance in January," the State Department said in a statement highlighting Washington's commitment to its ties with its oldest treaty ally in Asia. The funding, amounting to P3 billion in local currency, would reinforce the Philippines' energy, maritime, and economic growth programs, the State Department said. Rubio, according to the State Department, would seek US Congress approval to allocate Php825 million or $15 million from said amount "to catalyze private sector development in the Luzon Economic Corridor," a US-envisioned growth region in Asia, that intends to increase trade and establish an economic hub in the northern Philippines through major infrastructure and other key projects. "If approved, this funding will support investments in the areas of transport, logistics, energy, and semiconductors that will help create jobs and drive economic growth in the country," the State Department said. Ahead of his summit with Trump on July 22, Marcos met with Rubio and US Secretary of Defense Pete Hegseth, with the two senior Trump officials reaffirming the US's "ironclad commitment" to its alliance with the Philippines and enhancing economic ties with Manila. Both Manila and Washington share concerns on China's increasingly assertive behavior in the South China Sea, which Beijing claims nearly in its entirety. The US has repeatedly said it would come to the Philippines' aid if Filipino forces, ships, or aircraft come under attack anywhere in the South China Sea under a 1951 mutual defense treaty. Washington has also forged a trilateral bloc with Japan and the Philippines to boost security, economic, and investment engagements. Such alliances would help its two closest Asian allies, which both face similar territorial disputes with China, diversify their trading engagements as a buffer in case the disputes spill into the economic front. The US is also helping the Philippines shore up its territorial defense, conducting joint military drills and joint sails in the West Philippine Sea and through intelligence-sharing and provision of defense equipment, as the Marcos administration expands its security alliances with "like-minded" military powers. –NB, GMA Integrated News
GMA Network
3 days ago
- Business
- GMA Network
PH-US reaffirm commitment to deterrence, free and open Indo-Pacific
President Ferdinand "Bongbong" Marcos Jr. shakes hands with US Secretary of State Marco Rubio in the Treaty Room at the US Department of State in Washington, D.C., July 21, 2025. REUTERS/ Umit Bektas Philippine President Ferdinand Marcos Jr. and US Secretary of State Marco Rubio have underscored their commitment to bolster Manila and Washington's economic and defense engagement in the face of China's aggressive posturing in the disputed South China Sea. Ahead of Marcos' first summit with US President Trump at the White House on Tuesday (Wednesday in Manila), the Philippine leader and America's top diplomat noted the importance of "deterrence" while "reinforcing freedoms of navigation and overflight in support of a free and open Indo-Pacific." They also said that the "ironclad" US-Philippines alliance is crucial in maintaining peace and stability in the Indo-Pacific region. Marcos and Rubio also highlighted the two allies' increasing economic cooperation through the US-envisioned growth region in Asia, called the Luzon economic corridor, for major infrastructure and other key projects. A readout on the meeting by the US State Department said Marcos and Rubio discussed efforts to advance their countries' shared prosperity, including through the Luzon Economic Corridor, by strengthening supply chains and delivering economic growth to the Philippines and the US. "The Secretary and President Marcos looked forward to maintaining regular high-level engagement between the United States and the Philippines as friends, partners, and allies, particularly ahead of the 80th anniversary of United States-Philippines diplomatic relations in 2026," the statement said. Both Manila and Washington share concerns on China's increasingly assertive behavior in the South China Sea, which Beijing claims nearly in its entirety. The US has repeatedly said it would come to the Philippines' aid if Filipino forces, ships or aircraft comes under attack anywhere in South China Sea under a 1951 Mutual Defense Treaty. China has deployed much larger fleets of coast guard, navy and suspected maritime militia ships in the past years to assert that extensive claim against smaller claimant states, which are the Philippines, Vietnam, Malaysia, Taiwan and Brunei. Confrontations have spiked between Chinese and Philippine coast guard and navy ships in the disputed waters in recent years. The US has been helping the Philippines in strengthening its territorial defense as the Marcos administration expands its security alliances with "like-minded" military powers. — RSJ, GMA Integrated News
