MANILA, Philippines — President Ferdinand Marcos Jr. on Wednesday said that he hoped that the Philippines could avail of the United States (US) Inflation Reduction Act.
The US Inflation Reduction Act incentivizes programs that accelerate transition to clean energy.
“I hope that with your support, the Philippines can avail itself of the incentives under the US Inflation Reduction Act, to allow us to strengthen the global supply chains of critical [minerals]. I had promising discussions with Senator Tammy Duckworth just yesterday, on this very issue and we will continue to discuss this with the US at the State level,” Marcos said during a courtesy call with the US-Association of Southeast Asian Nations Business Council in Malacañang.
Marcos also wanted enhanced economic engagement between the US and the Philippines to boost trade and investment.
“I have called for the enhanced Philippine and US economic engagement to boost two-way trade and investment, especially in critical sectors such as infrastructure, agriculture, clean energy, including nuclear energy, green metals and critical minerals, IT-BPM (Information Technology and Business Process Management), and semiconductors all while building economic resilience in the face of climate change, the pandemics, humanitarian response, and other security challenge,” said Marcos.
The President told the business council that he valued the US’ contribution to the Philippine economy, adding that he hopes to solidify the Philippines as a strategic partner to the US.
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