SPEAKER Ferdinand Martin G. Romualdez expressed confidence that the forthcoming meeting between President Ferdinand R. Marcos Jr. and US President Joe Biden will “ultimately pay huge dividends for the Philippines in terms of security and the economy that will create more investment opportunities and jobs for Filipinos.”
In a statement, Romualdez said the two presidents’ meeting will “further reinforce the robust long-term bilateral relations between the Philippines and the United States.”
Romualdez earlier said Marcos’ meeting with top US officials will include discussions on “green bonds,” or financial instruments linked to climate change solutions and specific projects to help reduce carbon emissions.
The Speaker added he has laid the groundwork for Marcos’s “historic visit” to the US this weekend.
Romualdez is still in the US, following up on his earlier interactions with his US counterpart, Speaker Kevin McCarthy and other key American legislators and government officials, as he awaits the arrival of Marcos.
Apart from meeting with McCarthy, the Speaker and his delegation also had dialogues with US House Majority Leader Steve Scalise and Representatives Young Kim, Mike Rogers, Darrell Issa, Ami Bera and Chris Stewart.
An official US State Department statement said that during the visit, “President Biden will reaffirm the United States’ ironclad commitment to the defense of the Philippines and the leaders will discuss efforts to strengthen the long-standing US-Philippines alliance.”
For his part, Marcos said he would seek a review and assessment of the commitments under the 70-year Mutual Defense Treaty between the two countries, stressing that the alliance must “evolve” to address the emerging geopolitical realities, particularly in the Indo-Pacific region.
Romualdez said security and stability are indispensable ingredients for continued economic growth and prosperity.
“An improved iron-clad alliance between the two countries would greatly contribute to the realization of President Marcos’ vision for sustained economic growth that would provide jobs and livelihood for the Filipinos,” Romualdez said.
As part of the defense pact between the two countries, the Philippines has been receiving substantial defense assistance from the US in terms of training and defense items and equipment.
From 2002 to 2021, the country received roughly $1.8 billion for defense modernization, maritime security, counter-terrorism, anti-narcotics, anti-human trafficking, humanitarian assistance and disaster response and chemical, biological, radiological and nuclear preparedness.
Cooperation
IN addition to security matters, Marcos and Biden are also expected to “review opportunities to deepen economic cooperation and promote inclusive prosperity, expand our nations’ special people-to-people ties, invest in the clean energy transition and the fight against climate change and ensure respect for human rights,” Romualdez said.
The lawmaker noted that Washington remains an important and strategic trading and investment partner of Manila.
In 2021, the US was the Philippines’s third largest trading partner, top export market and fifth-major import source, whereas the Philippines ranked 30th among the top trade partners of the US.
The US was also the Philippines’s fifth largest source of foreign investments in 2021, notably in the IT-BPM, electronics, real estate, construction and transportation and storage sectors.
Romualdez said he and his delegation to the US also engaged their US counterparts to promote the Philippines as an ideal investment destination for US businesses, citing the robust economic outlook for the country.
“With our strong economy, we invited the US to increase and expand its investments,” Romualdez said.
“In addition to increased investments, our economy would profit from the expected assistance the US can provide us in combatting the effects of climate change. This would help in our efforts not only to improve food security but also in mitigating the effects of global warming,” he added.