U.S. President Biden vows to strengthen economic cooperation with PH; to send 'one of its kind' trade and investment mission

By DTI-OSEC-Public Relations Unit
May 3, 2023

WASHINGTON, D.C. – During the extended bilateral meeting between United States President Joe Biden and President Ferdinand R. Marcos, Jr. together with Department of Trade and Industry (DTI) Secretary Fred Pascual and other PH Cabinet officials on Monday, President Biden expressed his eagerness to strengthen economic cooperation with the Philippines.

The US is one of the Philippines' most important political, economic, and military allies and both countries are bound by common values and aspirations. In 2022, the US was PH's 3rd largest trading partner, top export market, and 5th major import source. In addition, the US was also the country's 5th largest source of foreign investments in 2021, especially in IT-BPM, electronics, real estate, construction, and transportation and storage sectors.

As part of the continuing efforts of the US to maintain a stronger and more stable trade and investment partnership with the Philippines, President Biden mentioned during the meeting that he will send a "first of its kind" presidential trade and investment mission to the Philippines.

With this, DTI Secretary Pascual said that, "We welcome, with great optimism, this initiative from the President of the United States. We wish to convey that the Philippines aims to maintain mutually-beneficial relations with the US and establish deeper economic cooperation, including through the Indo-Pacific Economic Framework, which the Philippines is a founding member."

He also added that, "It is critical for us to further improve trade relations and achieve economic security amid the constantly-changing nature of international trade."

Aside from economic cooperation, President Biden also committed to supporting the Philippines in various areas, such as climate change mitigation and worker's rights, which are part of the shared democratic ideals between the Philippines and the US.