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Manila Bulletin devider Philippines devider National devider Romualdez joins Marcos' US visit; trip to bring in more investments

Romualdez joins Marcos' US visit; trip to bring in more investments

Published Sep 18, 2022 11:46 am

President Ferdinand “Bongbong” Marcos Jr. has brought along House Speaker Martin Romualdez to his trip to the United States—the second time he joined him on a foreign trip since he became Chief Executive.

President Ferdinand Marcos Jr. (right) chats with Speaker Martin Romualdez during the 121st Police Service Anniversary at PNP Multi-Purpose Center, Camp Crame in Quezon City on Aug. 8, 2022. (Speaker’s office)

Marcos left for the US on Sunday, Sept. 18, to attend the 77th United Nations (UN) General Assembly in New York City.

Romualdez said he hoped for the success of the US visit of the Chief Executive like his recent trips to Indonesia and Singapore after he brought home $14.36 billion or P804.78 billion in supply and investment pledges from businessmen there.

“I expect the US visit to reap a lot of benefits for our country and the more than four million Filipinos and Filipino-Americans living or working in America,” Romualdez said.

The Speaker noted the significant investments that would come from US, a major trading and economic cooperation partner of the Philippines.

He also cited the US as being the biggest source of remittances from overseas Filipino workers (OFWs) and Filipino-Americans.

READ: Marcos leaves for US; will engage world leaders to ‘forge more partnerships’

“They contribute a significant part to the amount of foreign exchange our country and economy need each year, and especially this year when

we are recovering from the crippling Covid-19 pandemic,” he stressed.

The latest Bangko Sentral ng Pilipinas (BSP) report showed that remittances from Filipinos working abroad increased by 2.3 percent year-on-year to reach $3.17 billion in July from $3.17 billion in the same month of 2021.

The U.S remains the biggest source of cash remittances, followed by Singapore and Saudi Arabia.

The BSP said OFWs sent home a record $31.4 billion in cash remittances last year. Of this amount, 40.5 percent, or $12.7 billion, was remitted from the US.

In the United States, Marcos will raise the issue of climate change, rule of law, and food security before 152 heads of states and officials on Sept. 20, the first day of the UN General Assembly.

Aside from attending the UNGA, Marcos will have a working visit in New York City, and will deliver key messages in several economic briefings which aim to "expand and strengthen Philippine-US trade and investment relations, as well as attract potential US investors and partners,” according to Press Secretary Trixie Cruz-Angeles.

This is Marcos' first official trip to the US and his first engagement with the international body since he assumed the presidency last June.

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United States Martin Romualdez President Marcos
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