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Manila Bulletin devider Philippines devider National devider High-level exchanges, trade missions part of US' commitment to PH

High-level exchanges, trade missions part of US' commitment to PH

Published May 2, 2023 03:01 am
The decades-long ties between the Philippines and United States (US) would be further strengthened by a number of economic cooperation initiatives agreed upon during the meeting between US President Joe Biden and President Ferdinand “Bongbong” Marcos Jr. during their meeting at the White House on Monday, May 1 (US time). President Ferdinand Marcos Jr. walks through colonnade with US President Joe Biden during the official visit at the White House. (Photo from Speaker's office) Most important among these new arrangements and initiatives is the Presidential Trade and Investment Mission that Biden intends to dispatch to Manila “to enhance U.S. companies’ investment in the Philippines’ innovation economy, its clean energy transition and critical minerals sector, and the food security of its people.” The “first mission of its kind,” a White House statement said the mission would “feature the highest caliber of U.S. business leaders.” The US, pending Congressional notification, also plans to open a brick-and-mortar Open RAN Interoperability Lab in Manila with an aim “to advance a secure 5G rollout in the Philippines, strengthen its innovation economy, and provide digital upskilling opportunities to Philippine workers.” The Lab would provide hands-on training to current and aspiring 5G professionals, as well as open opportunities for vendors and operators deploying Open RAN worldwide to teach local engineers how to use the technology, the White House said. Furthermore, Washington would bring the Indo-Pacific Business Forum to the Philippines as both countries would host the 6th annual Indo-Pacific Business Forum (IPBF) in Manila in 2024. The IPBF, which is the US’ marquee annual commercial event in the region, convened high-level delegates from the public and private sector “leaders to review policy developments, announce new investments, and identify new commercial partnerships.” White House said the forum would “strengthen the Philippines’ position as a key hub for regional supply chains and high-quality investment.” While the U.S. Agency for International Development (USAID) has been a partner of the Philippines for years, the US plans to further this by launching a new partnership to “scale up” infrastructure development in the Philippines and support the construction of high-quality railways, ports, and transport systems. This 2023, the USTDA is expected to leverage over $3 billion in public and private financing for the launch of new sustainable infrastructure programs intended to boost the Philippines’ mineral supply chains, smart grid technologies and clean energy solutions, 5G deployment, airport security and maritime safety, and healthcare infrastructure. Both countries also plan to expand their air transportation links and space cooperation through the formalization of a technical aviation dialogue at the upcoming Asia-Pacific Economic Cooperation (APEC) Transportation Ministerial Meeting in Detroit and the first-ever US-Philippines Civil Space Dialogue. The Philippines would learn from the US’ best practices in using space-based technology for disaster management and emergency response, healthcare, mapping of resources and accessibility, pollution monitoring, deforestation, land use and infrastructure planning, and maritime awareness. The White House statement said that both countries “have long supported high-quality investment, good jobs, and sustained economic growth in both countries.” Employees of US companies in the Philippines earn annual wages that are 50 percent above the average family’s income. Concentrix, a US business services company, is the Philippines’ largest private sector employer, while US investment firm KKR invested $1 billion in Philippine telecom infrastructure in 2022.

Related Tags

USAID Joe Biden United States trade and investment Indo-Pacific Region President Marcos
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