UNITED States President Joe Biden will send what he called a “one-of-its-kind” trade and investment mission to the Philippines as part of the US’s commitment to strengthen economic cooperation between the two countries.
Biden made the remark during the extended bilateral meeting between him and President Ferdinand Marcos, Jr. together with Department of Trade and Industry (DTI) Secretary Fred Pascual and other Philippine Cabinet officials, where expressed his eagerness to strengthen economic cooperation with the Philippines.
The US is one of the Philippines’ most important political, economic, and military allies and both countries are bound by common values and aspirations. In 2022, the US was PH’s third largest trading partner, top export market, and fifth major import source. In addition, the US was also the country’s fifth largest source of foreign investments in 2021, especially in the IT-BPM, electronics, real estate, construction, and transportation and storage sectors.
For his part, Pascual said they welcome with great optimism this initiative from the President of the United States. “We wish to convey that the Philippines aims to maintain mutually beneficial relations with the US and establish deeper economic cooperation, including through the Indo-Pacific Economic Framework, which the Philippines is a founding member.”
He also added that, “It is critical for us to further improve trade relations and achieve economic security amid the constantly changing nature of international trade.”
Aside from economic cooperation, President Biden also committed to supporting the Philippines in the areas of climate change mitigation and worker’s rights, which are part of the shared democratic ideals between the Philippines and the US.
The extended bilateral meeting was also attended by Department of Foreign Affairs Secretary Enrique Manalo, Department of National Defense Secretary Carlito Galvez, Jr., Department of Information and Communications Technology Secretary Ivan John Uy, Department of Migrant Workers Secretary Susan Ople, Department of Justice Secretary Jesus Crispin Remulla, and Department of Environment and Natural Resources Secretary Antonio Yulo-Loyzaga.