TRADE MISSION. Presidents Ferdinand R. Marcos Jr. and Joe Biden walk along the corridors of the White House on Monday (May 1, 2023). Biden said he would send a "first of its kind" presidential trade and investment mission to the Philippines in a bid to promote broad-based economic growth. (Photo courtesy of PCO)
MANILA – United States President Joe Biden on Monday (Washington, D.C. time) will send a "first of its kind" presidential trade and investment mission to the Philippines in a bid to promote broad-based economic growth.
Biden announced this initiative following the bilateral meeting with President Ferdinand R. Marcos Jr. in Washington, D.C.
The mission is expected to enhance US companies’ investment in the Philippines’ innovation economy, clean energy transition and critical minerals sector. It would also feature the highest caliber of US business leaders.
Biden underscored the “strong partnership” and “deep friendship" between the Philippines and the US that has been "enriched by millions of Filipino-Americans and the communities all across the United States.”
Biden also committed to step up America’s support in a wide range of issues, including climate change mitigation and economy.
“We’re tackling climate change, we’re accelerating our countries’ chances… and we’re standing up for our shared democratic values and workers’ rights… and together we’re deepening our economic cooperation,” Biden told Marcos.
Both leaders have agreed to deepen collaboration to fight climate change, expand clean energy production and protect the environment.
In a joint statement, Marcos and Biden particularly reaffirmed to undertake urgent action to reduce greenhouse gas emissions, as well as expand renewable energy production to accelerate the clean energy transition while bringing down energy costs and expanding energy access for families.
Marcos thanked Biden for America’s assistance and sought to strengthen “alliances and partnership in the face of the new economy that we are facing post-pandemic.”
During Monday’s Oval Office meeting, the two leaders reviewed opportunities to deepen economic cooperation and promote inclusive prosperity, expand both nations’ special people-to-people ties, invest in the clean energy transition and address the climate crisis and ensure respect for human rights.
The leaders also discussed regional matters and coordinate efforts to uphold international law and promote a free and open Indo-Pacific.
Philippine Cabinet officials and their US counterparts also held a meeting with Marcos and Biden in an expanded bilateral meeting in the White House.
Among the Philippine officials who attended the expanded bilateral meeting include National Security Adviser Eduardo Año; Defense Secretary Carlito Galvez Jr.; Environment and Natural Resources Secretary Antonia Yulo Loyzaga; Trade and Industry Secretary Alfredo Pascual; Department of Information and Communications Technology Secretary Ivan John Uy; Justice Secretary Jesus Crispin Remulla; Migrant Workers Department Secretary Maria Susana “Toots” Ople and Foreign Affairs Secretary Enrique Manalo.
Marcos is also set to visit the Pentagon and meet Cabinet executives and business leaders during his stay in Washington.
Trade mission to boost economy
Speaker Ferdinand Martin G. Romualdez described the historic meeting between Marcos and Biden as a picture of a brighter and stronger future for US-Philippines relations, which raises new hope for the country’s economic growth.
“We have found a wellspring of new hope for the Filipino people as President Biden and President Marcos Jr. discuss plans for a brighter future together. With a first-ever presidential trade and investment mission on the horizon, the Philippines can expect job creation and economic growth,” Romualdez said in a statement.
“It is a promising partnership for progress and prosperity. What will follow is renewed confidence in the Philippines when it comes to investments, not only from the United States but from the rest of the world as well. This is a powerful message, seeing the two leaders discuss prosperity for our people,” he added.
The House leader’s optimism was due to the positive outcome of the bilateral meeting between Marcos and Biden at the White House to reaffirm and further bolster the enduring relations between the two countries.
“This high-level trade and investment mission from the US will add more momentum to sustain our country’s economic growth and help establish the Philippines as a hub for investments and as a regional supply chain hub,” Romualdez noted.
“Such bilateral economic engagement with the US will not only generate more jobs and business opportunities for our people but, more importantly, it would focus on sectors critical to ensuring a resilient supply chain to avert the recurrence of serious disruptions that wreaked havoc in the economies of many countries in the past few years,” he added.
As for the House of Representatives, Romualdez said they will do everything to pass legislation that will allow and encourage the free facilitation of the trade investments that will result from the US presidential trade mission.
“This is our mandate and promise to the Filipino people: we will make sure that whatever investments we shall obtain from this mission shall find fertile ground in our economy. We will ensure that these will benefit millions of Filipino citizens,” he said. (with reports from Jose Cielito Reganit/PNA)
