Biden to send ‘first of its kind ‘presd’l trade mission to PH

PH biz leaders see Marcos US visit yielding fresh investments

The local business community on Monday expressed hope that President Ferdinand Marcos Jr.’s five-day official visit to Washington would yield more than just closer defense ties, but would open up fresh investment opportunities between the age-old allies.

In an interview, Jesus Arranza, chairman of the Federation of Philippine Industries (FPI), said the Philippine leader should invite more American investments in the local manufacturing sector.

He said the Philippine economy would benefit greatly if fresh foreign investments are geared towards the manufacture of high-value finished goods, instead of merely exporting raw materials or intermediate goods for further processing overseas.

“The President should target investors who are willing to bring in money, in the true sense of investment, and not those who will come in and borrow capital from local financial institutions,” he added. Arranza also expressed confidence that the Marcos-Biden meeting will result in a more militarily capable Philippines, saying “each country has the right to de- fend themselves with the help of friends.”

United States President Joe Biden on Monday (Washington, D.C. time) will send a “first of its kind” presidential trade and investment mission to the Philippines in a bid to promote broadbased economic growth.

For his part, Francis Chua, chairman and founder of the International Chamber of Commerce’s local arm, said the mere deployment of more US troops here already promises to infuse a huge amount of foreign exchange into the local economy.

He said that American servicemen who will be stationed in the Philippines, either on brief or extended tours of duty, will surely end up supporting the domestic tourism, retail, food, and hospitality industries through the dollars they will be spending.

“They (US troops) have a lot of money, which they will spend in hotels, restaurants, malls and other establishments. This will also create many new job opportunities for Filipinos, who will cater to new customers with plenty of disposable income,” he said.

Chua, who is also chairman emeritus of the Philippine Chamber of Commerce and Industry (PCCI), said Marcos should also take advantage of his meeting with Biden, and the warmer bilateral relations it heralds to promote the Philippines as an investment hub.

Biden announced this initiative following the bilateral meeting with President Ferdinand R. Marcos Jr. in Washington, D.C.

The mission is expected to enhance US companies’ investment in the Philippines’ innovation economy, clean energy transition and critical minerals sector. It would also feature the highest caliber of US business leaders.

Biden underscored the

“strong partnership” and “deep friendship” between the Philippines and the US that has been “enriched by millions of Filipino-Americans and the communities all across the United States.”

Biden also committed to step up America’s support in a wide range of issues, including climate change mitigation and economy.

“We’re tackling climate change, we’re accelerating our countries’ chances… and we’re standing up for our shared democratic values and workers’ rights… and together we’re deepening our economic cooperation,” Biden told Marcos.

Both leaders have agreed to deepen collaboration to fight climate change, expand clean energy production and protect the environment.

In a joint statement, Marcos and Biden particularly reaffirmed to undertake urgent action to reduce greenhouse gas emissions, as well as expand renewable energy production to accelerate the clean energy transition while bringing down energy costs and expanding energy access for families.