Marcos – Biden meeting to spur economic growth — Speaker Romualdez
MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr.’s upcoming meeting with United States (US) counterpart Joe Biden would would, among others, result in more investments and job opportunities, House of Representatives Speaker Ferdinand Martin Romualdez said on Thursday.
Romualdez, in a statement, said that the meeting between the two leaders would bolster the bilateral relations between the two nations at a crucial time for economic recovery and security concerns.
Romualdez has been in the US to meet with American lawmakers and other officials ahead of Marcos’ trip, which will start on April 30. Marcos is expected to meet Biden on May 1.
“The meeting between President Marcos and US President Biden will further reinforce the robust long-term bilateral relations between the Philippines and the United States and I am confident it would redound to huge dividends for our country in terms of security and increased economic cooperation, among others,” he 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,” he added.
Romualdez maintained that while the US is one of the country’s long-time allies, it is important to attract investors as “Washington remains an important and strategic trading and investment partner of Manila”.
According to Romualdez, amid the COVID-19 pandemic in 2021, the US was the Philippines’ 3rd largest trade partner, top export market, and 5th major import source.
He also pointed out that the US was also the Philippines’ 5th largest source of foreign investments in the same year, particularly in the sectors of information technology and business process management, electronics, real estate, and construction in the same year — hence, making it necessary to discuss business with the US.
“With our strong economy, we invited the US to increase and expand its investments,” Romualdez said.
On Wednesday, Romualdez said that the conditions are good for Marcos’ visit to the US, noting that he and the rest of the Philippine delegation have already set the groundwork for the trip.