• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Current price of oil as of July 1, 2026

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Current price of oil as of July 1, 2026
FinanceMilitary
Asia

U.S. to give Philippines $500 million in military funding amid worries about China’s aggression

By
Jim Gomez
Jim Gomez
,
Matthew Lee
Matthew Lee
, and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Jim Gomez
Jim Gomez
,
Matthew Lee
Matthew Lee
, and
The Associated Press
The Associated Press
Down Arrow Button Icon
July 30, 2024, 6:57 AM ET
Philippine President Ferdinand Marcos Jr., center, speaks with U.S. Secretary of State Antony Blinken, right, and U.S. Secretary of Defense Lloyd Austin during a meeting at the Malacanang presidential palace in Manila on July 30, 2024.
Philippine President Ferdinand Marcos Jr., center, speaks with U.S. Secretary of State Antony Blinken, right, and U.S. Secretary of Defense Lloyd Austin during a meeting at the Malacanang presidential palace in Manila on July 30, 2024. Basilio Sepe—AP
Add Fortune on Google for similar content.

Washington’s top diplomat and defense chief announced $500 million in military funding Tuesday to boost Philippine defenses and progress on a proposed military intelligence-sharing pact as both allies renewed their concerns over China’s continuing aggressive actions in the region.

Recommended Video

U.S. Secretary of State Antony Blinken and Defense Secretary Lloyd Austin met with President Ferdinand Marcos Jr., who has fortified Manila’s decades-old treaty alliance with Washington as hostilities between Philippine and Chinese forces flared since last year in the disputed South China Sea.

Marcos hailed “very open” communication lines between Washington and Manila, adding that the two countries’ treaty alliance and key issues in the South China Sea and the Indo-Pacific region “are continuously examined and reexamined so we are agile in terms of our responses.”

Marcos has underscored the need for a U.S. military presence for Asian stability and peace.

After meeting their Philippine counterparts later, Blinken and Austin announced the $500 million military funding to help in an ongoing modernization of the Philippine military and coast guard and boost security collaboration amid shared concerns over China’s assertive actions.

“Both of us share concerns and many other countries in the region share concerns, as well, about some of the actions that the People’s Republic of China has taken, escalatory actions in the South China Sea, the East China Sea,” including “coercive methods,” Blinken said in a joint news conference.

He renewed a warning that the U.S. would help defend the Philippines if Filipino forces, ships and aircraft come under attack in the Pacific, including in the South China Sea.

The U.S. officials also offered condolences over the dozens of deaths wrought by typhoon-worsened monsoon rains in recent weeks and announced an additional $1 million in aid for the victims and to help devastated communities recover.

The visit came the week after the Philippines and reached a temporary arrangement to prevent clashes around the Philippine-occupied Second Thomas Shoal like the violent faceoff between their forces on June 17.

Philippine forces transported food and other supplies and a fresh batch of navy personnel Saturday to Manila’s territorial outpost at the shoal without a confrontation were reported for the first time since last year.

But the Philippines would continue strengthening its territorial defense with the assistance of the U.S. and other friendly military powers and build new security alliances, Philippine Ambassador to the U.S. Jose Manuel Romualdez said.

“The non-confrontational resupply and rotation is purely temporary. The People’s Republic of China will not stop and we are determined just as well,” Romualdez told The Associated Press.

The $500 million in U.S. military financing would include funding for reinforcing the Philippine navy’s capability. About $125 million would be used for constructions and other improvements in parts of Philippine military bases to be occupied by U.S. forces under the 2014 Enhanced Defense Cooperation Agreement, Romualdez said.

With strong support in Congress, U.S. military funding may double next year “depending on our capacity to absorb it,” Romualdez said.

Progress in negotiations on a proposed military intelligence-sharing pact, the General Security of Military Information Agreement was announced by Austin, who said that the accord may be signed later this year.

The agreement, similar to ones Washington has forged with other allied countries, would allow the U.S. to provide high-level intelligence, more sophisticated weapons, including missile systems, and access to satellite and drone surveillance systems to the Philippines with an assurance that such intelligence and details about sophisticated weapons would be closely kept secret in a highly secured manner to prevent leaks, two Philippine officials told the AP, speaking on condition of anonymity because of a lack of authority to discuss the issue publicly.

Philippine efforts to obtain sophisticated weapons from the U.S. military in the past have been hampered by the lack of such an intelligence deal.

In his meeting with Blinken and Austin, Marcos alluded to the intense political divisions in the U.S. ahead of the presidential elections this year.

“I’m a bit surprised considering how interesting your political situation has become back in the States, but I’m glad that you found the time to come and visit with us,” Marcos said.

Meanwhile, Romualdez said that U.S. support to the Philippines would “absolutely” not change regardless of who becomes America’s next president. Numerous countries have expressed concerns about the implications of former President Donald Trump returning to the White House in January after President Joe Biden withdrew and threw his support to Vice President Kamala Harris.

“Both Republicans and Democrats are in full agreement for the Philippines,” he said, adding that both sides have given assurances of continued support to Manila.

Marcos approved last year an expansion of the U.S. military presence in four more Philippine military camps under the 2014 defense agreement, and the largest war drills between Filipino and U.S. forces have been staged under his administration, drawing opposition and alarm from China, which said that increased deployments of American forces would endanger regional peace and security.

The Philippines has responded that it has the right to move to safeguard its territorial interests and national security.

About the Authors
By Jim Gomez
See full bioRight Arrow Button Icon
By Matthew Lee
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Best private student loans for medical school
Personal Financestudent loans and debt
Best private student loans for medical school
By Joseph HostetlerJuly 2, 2026
4 hours ago
Michael Burry just shorted Caterpillar’s 172% AI rally. One analyst says his bet won’t even matter
Investingstock prices
Michael Burry just shorted Caterpillar’s 172% AI rally. One analyst says his bet won’t even matter
By Marco Quiroz-GutierrezJuly 2, 2026
5 hours ago
U.S. Treasury Secretary Scott Bessent
EconomyDebt
AI’s $2.2 trillion deficit fix is already half fake, economists say
By Tristan BoveJuly 2, 2026
6 hours ago
s
Personal FinanceSports
The sports economy is unaffordable at the bar, let alone the stadium
By Catherina GioinoJuly 2, 2026
6 hours ago
sb
North AmericaU.S. Department of the Treasury
Scott Bessent goes after the top Mexican cartel’s new billion-dollar business: gas stations
By Fatima Hussein and The Associated PressJuly 2, 2026
6 hours ago
eggs
LawAntitrust
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
By Wyatte Grantham-Philips and The Associated PressJuly 2, 2026
6 hours ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
2 days ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
8 days ago
Current price of oil as of July 1, 2026
Personal Finance
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
2 days ago
Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K
Success
Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K
By Orianna Rosa RoyleJuly 2, 2026
18 hours ago
Trump got a $78K pension from the Screen Actors Guild in 2025 because he appeared in Home Alone 2 in 1992
Politics
Trump got a $78K pension from the Screen Actors Guild in 2025 because he appeared in Home Alone 2 in 1992
By Sasha RogelbergJuly 1, 2026
1 day ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
6 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.