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Manila Bulletin devider Business devider Recto, US officials discuss economic resilience, partnerships

Recto, US officials discuss economic resilience, partnerships

Published Jan 29, 2024 12:30 pm

At A Glance

  • The Department of Finance (DOF) is collaborating with American investors to explore investments in critical minerals, semiconductors, and energy security in the Philippines.<br>Following a meeting between Finance Secretary Ralph G. Recto and United States Department of State Under Secretary for Economic Growth, Energy, and Environment Jose W. Fernandez, a commitment has been established to forge strategic partnerships and enhance cooperation in areas like economic resilience.<br>Recto urged the US to strengthen its trade partnership with the Philippines to diversify supply chains and enhance economic resilience.<br>He reassured US officials of the Philippine government's resolve to address investor concerns, including high electricity costs, through initiatives such as proposed amendments to the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) and streamlined business processes.

The Department of Finance (DOF) has committed to partnering with US investors to explore potential investments in critical minerals, semiconductors, and energy security in the Philippines.

This commitment has been made following the meeting between Finance Secretary Ralph G. Recto and United States Department of State Under Secretary for Economic Growth, Energy, and Environment Jose W. Fernandez. 

According to the DOF, the meeting centered on fostering strategic partnerships and enhancing cooperation between Manila and Washington on shared interests, such as bolstering economic resiliency.

“Under Secretary Fernandez highlighted specific areas of interest for the US, particularly critical minerals, semiconductors, and energy security,” the DOF said.

“In response, Secretary Recto expressed a strong willingness to collaborate on the said areas, emphasizing the important role of the US as an anchor for potential investments in the country that could signal increased attention from other global investors,” it added.

Recto also called on the US to strengthen its trade partnership with the Philippines to expand supply chains and bolster economic resilience. 

He reassured US officials of the Philippine government's strong commitment to addressing investor concerns, including high electricity costs, through initiatives such as proposed amendments to the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) and other streamlined business processes in the country.

Joining Fernandez were US Ambassador to the Philippines MaryKay Carlson, US State Department Special Assistants Laura Russ and CJ Johnson, and key officials from the US Embassy in Manila.

Related Tags

Department of Finance (DOF) us investors ralph recto Finance Secretary
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