Remarks of Trade and Industry Secretary Alfredo E. Pascual for the Joint Press Conference on the U.S. Presidential Trade and Investment Mission | Department of Trade and Industry Philippines

11 March 2024 (Monday) 2:00 PM | Solaire Resort, Parañaque City

I’d like to begin by expressing my appreciation to Secretary Gina Raimondo for her leadership and effort in leading the Presidential Trade and Investment Mission to the Philippines. This mission is clearly an outcome of the talk between President Ferdinand Marcos Jr. and President Joseph Biden during their meeting in Washington DC last May.

The visit also symbolizes the strong support of the United States to the Philippines, in terms of economic security through trade and investment. As we often acknowledge, diplomacy bolstering trade and investment relations is vital to strengthening alliances. A stronger partnership between the US and the Philippines cements our position as an economic force. This position benefits our country and fortifies our standing as an ally to the United States.

There are 3 critical goals we are aiming for in this mission. These are assisting enhance integration into the global value chain, attracting more foreign direct investments to the Philippines, and maintaining a robust economic expansion. Together, we will mark the realization of pledges and commitments that we have received from our guests.

This morning we had a discussion, the President is enthusiastic about the potential investments and expansion plans discussed by these US companies, which span several key sectors crucial to our economic development in the Philippines. This includes logistics giants, like FedEx and UPS, which will support our semiconductor and electronics manufacturing sector, as well as companies like Greenfire Energy and Sol-Go, focusing on renewable energy sources such as geothermal and solar power.

Additionally, we are hosting leaders from the air services sector, including United Airlines, and from financial and digital payment companies like Visa, Mastercard, and Capital One. Representatives from infrastructure firms like Bechtel Corp. and Black and Veatch, along with tech giants Google and Microsoft, are also exploring opportunities to increase their presence in our country.

The partnership with the United States is of great importance to us. As our largest export market, that is the US our largest export market, and a major trading and investment partner, the relationship provides significant mutual benefits between the two countries. The IT and Business Process Management industry, in particular, sees the US as its biggest export market, with significant contributions to employment and revenue in 2023, and the previous years. Companies part of this mission, such as Microsoft, and Google, are key players in promoting digital transformation and development in this sector. They are also offering their expertise in helping to upskill our workforce.

The Philippine government is dedicated to supporting the growth and expansion of US businesses here, aiming to make the Philippines a central hub for US businesses in Asia. This strategy is designed to strengthen our economic connections and foster sustainable development and prosperity for both nations.

I want to emphasize that the opportunity this mission presents for deepening the partnership between the Philippines and the United States is very welcoming.

By working together, we aim to unbox the significant potential and pave the way towards a future of greater prosperity for the two countries.

Thank you! ♦

Date of release: 11 March 2024

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