PH-US Forum Bolsters Economic Ties

The PH-US Trade and Investment Forum, which took place in Makati City on March 11, 2024, marked a pivotal moment for economic relations between the Philippines and the United States.

Philippine trade officials and an American business delegation, including high-ranking members from US firms, convened to discuss the enhancement of investment opportunities and bilateral ties.

The forum was not just a gathering but a resounding endorsement of the Philippines’ burgeoning potential as a prime destination for American investments.

The Philippine Board of Investments led a concerted effort with other investment promotion agencies to pitch the country’s robust economic performance and attractive investment climate to American companies looking to expand their global footprint.

Undersecretary Ana Carolina P. Sanchez from the Department of Trade and Industry (DTI) outlined the deep-rooted trade and investment relations between the two countries. She referenced the favorable conditions set by President Ferdinand R. Marcos Jr.’s visit to Washington DC the previous year, which laid the groundwork for the historic US Presidential Trade and Investment Mission (PTIM) to the Philippines.

This high-profile mission underscored President Joe Biden’s commitment to reinforcing economic ties with the Philippines.

As a signal of this strengthened partnership, the PTIM aimed to deepen US contributions to the Philippine economy, particularly in the sectors of innovation, connectivity infrastructure, clean energy, critical minerals, and food security.

Undersecretary Sanchez affirmed the Philippine government’s dedication to upholding strong economic fundamentals and to fostering an environment conducive to American business ventures.

The forum also highlighted the dynamic advantages the Philippines offers as an investment hub. Executive Director Ma. Corazon Halili-Dichosa of the BOI’s Industry Development Services provided insights into the lucrative opportunities awaiting foreign direct investments, bolstered by economic policies like the CREATE Act and Executive Order No. 18, which pave the way for strategic investments.

One of the standout testimonials came from Mary Destaffan, General Manager of Collins Aerospace Philippines. She praised the exceptional Filipino talent pool, noting the high percentage of college graduates among their employees and expressing enthusiasm for showcasing Philippine-made products globally.

The Philippines’ ambition to be a regional nexus for smart and sustainable industries is further validated by the significant increase in BOI-approved investments in 2023, which saw a staggering 73% rise from the previous year, predominantly in the renewable energy sector.

This growth trajectory has piqued the interest of American companies, as observed by Phil Nervig, Economic Counselor at the US Embassy, who acknowledged the country’s strategic initiatives in promoting investment.

The US delegation’s presence signifies a mutual commitment to nurturing the economic partnership that serves as the bedrock of bilateral relations between the two nations. Christopher Quinlivan, Regional Senior Commercial Officer of the US Commercial Service for ASEAN, and Director General Tereso O. Panga of PEZA echoed this sentiment, foreseeing a future rich in collaborative endeavors.

This forum is the first in a series of engagements planned in alignment with US Department of Commerce Secretary Gina Raimondo’s visit to the Philippines, aiming to fortify economic connections under the U.S. Indo-Pacific Strategy.

The assembly of officials from eminent companies such as Google, UPS, Visa, and Microsoft paints a picture of the promising ventures that lie ahead, marking a new chapter of prosperity and partnership for the Philippines and the United States.