NextGen Day

MANILA – Secretary of the Department of Trade and Industry (DTI) Ramon Lopez met with Ambassador Katherine Tai of the United States Trade Representative (USTR) in Washington, D.C. to discuss measures to strengthen economic connections between the two countries.

Lopez is now leading a Philippine trade team to the United States to address trade and investment concerns, sectoral and industry cooperation, and the future direction of Philippine-US economic ties, according to a statement released Tuesday by the DTI.

During his encounter with the USTR official, Lopez highlighted his country’s desire to join the US-led Indo-Pacific Economic Framework (IPEF), a Biden administration project aimed at increasing the US’s economic engagement with Indo-Pacific nations.

“Advancing resilience, inclusiveness, and competitiveness are aligned with the Philippines’ offensive interests,” the DTI secretary stated of the IPEF’s goals.

Trade, promotion, and growth of micro, small and medium companies (MSMEs), digital economy, supply chain resiliency, environmental sustainability, and infrastructure investment are among the Philippines’ reasons for joining the IPEF.

Furthermore, Lopez believes that with the passage of three important economic measures, the Philippines will be able to attract more American companies to invest in the nation.

“We pursued major economic policy reforms, such as amendments to the Retail Trade Law and the Foreign Investment Act, including the Public Service Act, that essentially liberalized key sectors to allow greater foreign equity participation, attract more players, and create more jobs while enhancing competition,” he added.

Opportunities for US-based companies looking to expand in the Philippines, according to the Philippine trade chief.

These include investments in data centers and renewable energy, as well as the processing and packaging of Alaskan marine items for re-export, as well as enhanced access to coal, electric vehicles, corn, and chipped potatoes.

During the discussion, Lopez stated that the Trade and Investment Framework Agreement (TIFA) between the Philippines and the United States has grown increasingly important in addressing economic difficulties between the two countries.

In 2021, the United States was the country’s third-largest trading partner, with total trade worth USD19.6 billion.

The United States was also the fifth-greatest source of foreign investments in the previous year, with a total value of USD77.64 million.

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