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Manila Bulletin devider Philippines devider National devider 'Top-level': Salceda credits PBBM for US trade mission to PH 

'Top-level': Salceda credits PBBM for US trade mission to PH 

Published Jan 14, 2024 06:02 am

At A Glance

  • Albay 2nd district Rep. Joey Salceda has credited President Marcos' efforts for the United States (US)-based trade and investment mission to the Philippines. 

PBBM_Salceda.jpg

Albay 2nd District Rep. Joey Salceda (left) and President Ferdinand Marcos Jr. (Photo from Rep. Salceda's office, Facebook)

 

 

 

 

 

 

 

Albay 2nd district Rep. Joey Salceda has credited President Marcos' efforts for the United States (US)-based trade and investment mission to the Philippines. 

"I welcome President Biden’s Trade and Investment Mission to the country, with his commerce secretary heading the mission, as a demonstration of the US’ commitment that it must back its promises of friendship with real economic opportunities for the Filipino people," Salceda said in a statement Sunday, Jan. 14. 

"This is the first of its kind and is top-level, headed by the US President’s own commerce secretary. This is also a direct result of President Marcos’s assiduous cultivation of stronger US-[Philippine] ties,' added the House Committee on Ways and Means chairman. 

The Philippines and US are long-time allies. Ties between the two nations were somewhat strained during the previous administration, but Marcos has gone to great lengths to reverse this. 

Pointing to the stateside trade mission, Salceda said he is particularly encouraged by the US offer of financing the Mindanao Railway Project through the Development Finance Corporation (DFC). He says this is the US agency for supporting projects in developing countries. 

Salceda noted that segments of the Philippine National Railways (PNR) South Long Haul project to Bicol are also potential investment areas. 

"What is advantageous about the DFC as a financing source is that it was designed to revitalize the US’ presence in ODA (official development assistance) financing—and is therefore allowed to make deeply concessional financing in its 2018 charter. That includes equity investments and loans in local currencies," explained the economist-solon. 

At any rate, Salceda said the renewed role of the US in promoting prosperity in the region is a vital aspect of the two nations' common security interests. 

"US investment and trade in areas such as aerospace and defence, pharmaceuticals, transport, and energy, where their money usually comes with know-how and technology, is most welcome," he said.

Related Tags

president biden United States joey salceda President Marcos
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