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US is Philippines' strategic economic ally—Marcos

Philippines | National

US is Philippines' strategic economic ally—Marcos

By Betheena Unite

The United States is the Philippines' essential strategic trading and investment partner, President Marcos said.

BBM Gina Raimondo.jpg — President Ferdinand 'Bongbong' Marcos Jr. meets with US Secretary of Commerce Gina Raimondo at the Malacañan Palace on March 11, 2024.( Photo courtesy of PPA/ Marianne Bermudez)

Marcos made the statement as he welcomed at the Malacañan Palace the US government and Presidential Trade and Investment Mission (PTIM) delegations on Monday, March 11.

“I have emphasized this before, and I will say it again: the United States is an essential, strategic trading and investment ally for the Philippines,” he said in his remarks during their meeting.

The President also said that an economically-strong Philippines is a "formidable ally of the US."

“In the coming months, I hope that we will be able to see our shared commitments come to fruition, driving robust economic growth because after all, an economically strong Philippines is a formidable ally,” he told the American delegates.

According to the President, the mission’s arrival marks the fulfillment of US President Joe Biden’s commitment during his visit to Washington, D.C. in May 2023, where Biden had pledged to send a high-level presidential delegation to the Philippines to enhance investment and trade relations between the two nations.

The US ranked last year as the Philippines’s third (out of 230) trading partner, first (out of 230) export market, and fifth (out of 230) import source.

In the same period, total bilateral merchandise trade amounted to $19.96 billion, with exports valued at $11.54 billion and imports at $8.41 billion.

The US is the fourth largest source of foreign direct investment for the Philippines.

The country’s top commodity exports to the US in 2023 include Digital monolithic integrated circuits; Ignition wiring sets and other wiring sets for vehicles, aircraft or ships; semiconductor devices; static converters; and input or output units.

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