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‘Huge benefits’ for PH from the Marcos-Biden summit, according to Romualdez

The upcoming meeting between President Ferdinand R. Marcos Jr. and US President Joe Biden, according to Speaker Ferdinand Martin G. Romualdez, will likely result in a significant increase in investment prospects and job chances for Filipinos.

According to a press release from Romualdez, “The meeting between President Marcos and US President Biden will further strengthen the robust long-term bilateral relations between the Philippines and the United States, and I am confident it would reap enormous benefits for our country in terms of security and increased economic cooperation, among others.”

The Speaker, who is currently in the US, has been meeting with American politicians to explore ways to further deepen defense and security cooperation and the economic partnership between the Philippines and the United States in order to help set the framework for Marcos’ visit.

On May 1, Marcos and Biden will have a private meeting in Washington, DC.

On September 22, 2022, the two leaders had their initial encounter in New York City while attending the UN General Assembly.

In a statement released by the US State Department, it was stated that during Marcos’ planned visit, “President Biden will reaffirm the United States’ ironclad commitment to the defense of the Philippines,” and the two leaders would also talk about ways to fortify the enduring US-Philippines partnership.

With regard to the 70-year Mutual Defense Treaty between the two nations, Marcos stated that he would seek a review and evaluation of the obligations under it. He also emphasized the need for the alliance to “evolve” in order to take into account the changing geopolitical landscape, particularly in the Indo-Pacific area.

Along with discussing security issues, Biden and Marcos are anticipated 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.”

“Continual economic progress and prosperity depend on the presence of security and stability. The accomplishment of President Marcos’ objective for sustained economic growth that would create jobs and a means of subsistence for the Filipino people would be significantly aided by an improved ironclad alliance between the two nations, Romualdez added.

The Philippines has been receiving significant defense aid from the US in the form of training and defense supplies and equipment as part of the defense agreement between the two nations.

The nation got over USD 1.8 billion between 2002 and 2021 for preparation against chemical, biological, radiological, and nuclear threats, maritime security, counterterrorism, drug and human trafficking, humanitarian aid, and disaster relief.

Romualdez also mentioned that Manila still counts on Washington as a crucial economic and investment partner.

The US was the Philippines’ third-largest trading partner, top export market, and fifth-largest source of imports in 2021, while the Philippines was the US’s 30th-largest trading partner.

In terms of foreign investment, the US ranked fifth in the Philippines in 2021, with significant inflows into the IT-BPM (Information Technology and Business Process Management), electronics, real estate, construction, and transportation and storage industries.

Romualdez also emphasized that the projected assistance the US may offer the Philippines in battling the consequences of climate change would be beneficial to the Philippine economy.

Marcos had stated that his meeting with senior US officials would include covering “green bonds,” or financial products connected to programs to address climate change and lower carbon emissions.

Romualdez stated that this would benefit in attempts to both lessen the consequences of global warming and enhance food security.

From April 30 to May 4 Marcos will be in the US on a formal working visit. While there, he will also meet with US lawmakers, significant US firms, and business organizations.

His discussion with Biden will be followed by a larger gathering of important Cabinet members.

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