has less than two years to turn its ambitious Pax Silica project from a US-backed plan into a functioning industrial hub before a change of government in Manila – and potentially Washington – puts its future to the test.

is an initiative by US President

’s administration to diversify US supplies of critical minerals and semiconductors. The Philippines is seeking to position itself as a manufacturing base for companies looking to reduce their dependence on China.

With Philippine President

due to leave office in 2028 and Trump facing the midterm election in November that could change control of Congress, the project needs to move quickly to establish agreements and infrastructure that can survive political change, according to Jonathan Ravelas, a former chief market strategist at the Philippines’ largest bank, BDO.