The year 2024 marked a period of remarkable collaboration and growth for the U.S.-Philippine economic partnership. Both nations strengthened their ties through high-profile visits, trade missions, and policy advancements, setting the stage for continued progress in 2025.
Key Accomplishments in 2024
Historic Trilateral Summit and Luzon Economic Corridor
One of the year’s highlights was President Marcos’ historic visit to Washington in April for the trilateral leaders’ summit with President Biden and then-Prime Minister Kishida of Japan. This summit led to the announcement of the Luzon Economic Corridor, a transformative initiative aimed at boosting investment and economic prosperity in Central Luzon, spanning Subic Bay, Clark, Metro Manila, and beyond.
Significant progress has been made in just eight months. The contours of a rail line connecting Subic, Clark, and Metro Manila are taking shape, and a new food hub at Clark Airport is set to enhance food security. These foundational projects, supported by U.S. technical assistance, are poised to drive Philippine economic growth well into the future, with completion targeted for 2028.
Trade Missions and Economic Initiatives
The year also saw the first-ever Presidential Trade and Investment Mission, led by U.S. Secretary of Commerce Gina Raimondo in March. This mission resulted in over $1 billion in U.S. investments, with AmCham playing a pivotal role in hosting events that fostered discussions on innovation, clean energy, and food security.
In May, the Indo-Pacific Business Forum brought over 700 leaders to Manila, further strengthening economic partnerships. Additionally, the U.S.-Philippine Civil Nuclear Suppliers Forum in November laid the groundwork for the Philippines’ adoption of nuclear energy by 2030, supported by commercial connections and technical expertise.
The Smart Cities trade mission, led by Commerce Secretary Marisa Lago, showcased how U.S. companies can contribute to sustainable urban development in the Philippines. These missions underscore the depth of collaboration between the two nations.
E20 Ethanol Fuel Approval
In a significant step toward reducing carbon emissions, the Philippines approved the use of E20 ethanol fuel in 2024. This achievement, resulting from years of collaboration, not only boosts U.S. ethanol exports but also aligns with the Philippines’ climate goals. The first E20 fuel station opened in Caloocan City late last year, with more expected in 2025.
Semiconductors and Workforce Development
The semiconductor sector, a critical driver of Philippine exports, saw remarkable advancements in 2024. Funding from the U.S. CHIPS Act supported workforce development programs, while USAID’s Advanced Manufacturing Workforce Development Initiative helped upskill Filipino workers. These efforts are expected to benefit U.S. semiconductor companies and bolster the Philippines’ economic competitiveness.
Policy Reforms and Modernization
Internet Transactions Act and Other Reforms
With support from USAID, the Philippines enacted the Internet Transactions Act, enhancing consumer and merchant protections for online transactions. This law is projected to boost annual e-commerce sales to $24 billion by 2025. Other reforms, such as the Public-Private Partnership Act and the Ease of Paying Taxes Act, aim to improve the business environment and attract foreign investment.
Open Skies Negotiations
December marked the start of Open Skies negotiations, aiming to modernize aviation ties between the Philippines and the U.S. These negotiations are expected to enhance travel affordability and convenience for families, tourists, and businesses.
AmCham’s Growing Impact
AmCham’s contributions were instrumental in 2024, with over 140 new members joining, bringing the total membership close to 900. The organization hosted more than 590 events, a testament to its active role in fostering economic collaboration. AmCham’s initiatives, including regional events in Luzon, Visayas, and Mindanao, have expanded its reach and impact across the Philippines.
In recognition of these efforts, a new annual Corporate Social Responsibility award will be introduced in 2025 to honor AmCham members for their positive contributions to Philippine communities.
Commemorating Shared History
As the U.S. and the Philippines celebrate 80 years since the liberation of Manila in 1945, the Manila American Cemetery will host a commemoration on February 22, 2025. This event serves as a reminder of the shared sacrifices and enduring partnership between the two nations.
Looking Ahead to 2025
The achievements of 2024 underscore the strength of the U.S.-Philippine partnership. As both nations look to the future, continued collaboration in trade, investment, and policy reforms will be crucial. With AmCham’s leadership and the unwavering commitment of both governments, 2025 promises to build on the momentum of the past year, driving shared prosperity for decades to come.
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