Top-level American trade mission to spur more investments in PH

By Ma. Teresa Montemayor

January 15, 2024, 8:27 pm

MANILA – The Department of Foreign Affairs (DFA) said Monday that the Presidential Trade and Investment Mission (PITM) from the United States is a follow-through on an earlier commitment by US President Joe Biden to President Ferdinand R. Marcos Jr. during the latter’s official visit to Washington, D.C. last year.

DFA spokesperson Ma. Teresita Daza said in a statement that the trade mission on March 11 and 12 will be led by US Secretary of Commerce Gina Raimondo.

It was also announced by the White House over the weekend.

Daza said that the trade mission is expected to spur more capital-intensive investments in the Philippines’ innovation economy, clean energy transition, critical minerals sector and food security.

“The PTIM will be the first of a series of major commercial events between the Philippines and the United States for the year, a testament to the two countries’ resolve to forge broader and deeper public-private partnerships for enduring, inclusive and sustainable growth and development,” she added.

Earlier, Philippine Ambassador to the US Jose Manuel Romualdez said Washington has offered assistance for the Mindanao Railway project, which was stalled due to China’s inaction on funding requests and high loan interest rates.

Transportation Secretary Jaime Bautista previously confirmed that the government is looking for other sources to fund the PHP81.7-billion Mindanao Railway Project Phase 1 Tagum-Davao-Digos Segment. (PNA)