US, Japan, Philippines boost ties with chip, nickel deals for Luzon
The U.S. and Japan have outlined plans to invest in infrastructure, semiconductor and nickel projects in the Philippines as the three countries seek to deepen ties amid tensions with China. The initiatives, outlined in a joint statement by the countries’ leaders late Thursday, were announced as Philippine President Ferdinand Marcos Jr.
and Japanese Prime Minister Fumio Kishida visited the White House for their first trilateral meeting with President Biden. The countries are bolstering economic ties through the “Luzon Economic Corridor." Investments and infrastructure projects include railways, ports and semiconductor supply chains on the Philippines’ most populous island. The U.S.
International Development Finance Corp., a federal agency that helps finance projects in developing nations, also intends to open a regional office in the Philippines, according to the statement. A separate White House release said that one of the investments will come in the form of a grant to Philippine miner Eramen Minerals to develop an ore-to-nickel and cobalt processing plant, and that United Parcel Service will expand operations at Clark International Airport in Luzon, with work on a new hub slated to begin early next year. In the joint statement, the leaders also underscored “the need for close coordination in dealing with economic coercion" and expressed “serious concern" about China’s “dangerous and aggressive behavior in the South China Sea." The U.S.
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