First US trade mission to PH, proof of enduring PH-US ties

MANILA — President Ferdinand R. Marcos Jr. referred to the upcoming first US trade mission to the Philippines as a testament to the enduring partnership between the two countries.

President Marcos welcomed US Department of Commerce Secretary Gina Raimondo and the Presidential Trade and Investment Mission (PTIM) delegates in Malacañang on Monday.

He said the event is an opportunity for the Philippines to showcase diverse investment opportunities.

“Today’s gathering not only signifies a meeting of officials, but also celebrates the enduring relations between the Philippines and the United States—ties that have been built on shared sacrifices, mutual support and unwavering respect,” Marcos said in his toast remarks.

The PTIM to the Philippines was announced during the expanded bilateral meeting between President Marcos and US President Joe Biden at the White House in May 2023.

This was later confirmed by Secretary Raimondo last November during the meeting of President Biden’s Export Council.

“The announcement of the intent to dispatch a Presidential Trade and Investment Mission into the Philippines was made at the White House last year, and less than a year later, we proudly witness the missions come to fruition here in Malacañan,” President Marcos said.

“In our prior discussions, we addressed many areas of mutual interest, emphasizing the need for continued cooperation and arrangements on various fronts. This event also offers us the opportunity to highlight the positive economic strides that we made last year and showcase diverse investment opportunities in the country,” he added.

Despite global challenges, President Marcos expressed confidence that the Philippines is poised to build upon its strong performance in 2023.

“Our growth prospects are promising, driven by decisive policy measures, a robust external position, anticipated key tax reforms, and significant foreign investments, notably from the United States, a longstanding top source of foreign direct investments,” he said.

In the same meeting, President Marcos also mentioned that the Philippines will also be co-hosting with the US the sixth Indo-Pacific Business Forum on May 21, 2024.

The said forum aims to foster connections and partnerships among businesses, governments, and civil society participants, Marcos said. (PND)

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