Washington, D.C., U.S.A
April 12, 2024
Providing a unique opportunity for the United States private sector to engage directly with President Ferdinand R. Marcos Jr. on the Philippines’ business environment and expand strategic partnership opportunities, the U.S.-ASEAN (Association of Southeast Asian Nations) Business Council and the U.S. Chamber of Commerce co-hosted a business forum in Washington, D.C. on April 12, 2024.
“Over the years, the Philippines has acknowledged the significant contribution of the United States to our economic agenda. We have observed the consistent high ranking of the United States, as evident last year, being our third top trading partner. Moreover, the United States emerged as the primary destination for our goods and services in that same year,” the President said in his keynote message.
He noted that in 2023, the country’s biggest exports to the U.S. were semiconductors and integrated circuits (IC) amounting to US$3.1 billion or 23.3 percent of the Philippines’ total exports to the U.S. Playing a major part of the U.S. semiconductor and IC design supply chain, U.S. companies are expanding their operations in the Philippines.
“With assistance from the U.S. government through the International Technology Security and Innovation (ITSI) Fund, managed by the U.S. State Department, we can achieve our goal of producing 128,000 semiconductor engineers and technicians by 2028 as demanded by the industry. With this collaboration, the Philippines will be able to support the U.S. semiconductor industry not only in assembly, testing and packaging, but also in other segments of the supply chain such as in microchip design and in research and development,” President Marcos Jr. added.
He enumerated some policy reforms that the Administration is pushing for more foreign participation in the country’s businesses such as the Public Services Act, Retail Trade Liberalization Act, Foreign Investments Act, the implementing rules and regulations (IRR) of the Renewable Energy Act, and issuance of Executive Order No. 18 establishing the Green Lanes for Strategic Investments.
After his successful participation in the historic Trilateral U.S.-Japan-Philippines Leaders’ Summit with U.S. President Joseph Biden and Prime Minister Fumio Kishida, President Marcos Jr. shared a number of trilateral cooperation on the economic front. One such program is the Luzon Economic Corridor under the Partnership for Global Infrastructure and Investment (PGI) that aims to enhance connectivity between Subic Bay, Clark, Manila and Batangas as well as attract investments in the rail systems, modernized ports, clean energy initiatives, semiconductor supply chain advancements, agribusiness enhancements and updates to civilian ports at Subic Bay.
“On the 6th Indo-Pacific Business Forum which is upcoming in Manila, I would like to express the Philippines’ eagerness to welcome delegates from the United States participating in the 6th Indo-Pacific Business Forum which is scheduled in Manila for May of this year…This event will bring together approximately 500 business leaders, project developers, government officials and financing sources to discuss topics such as infrastructure, supply chain resilience, critical minerals, clean energy, the digital economy, emerging technologies and inclusive trade. The IPBF is a great opportunity for our country to showcase what we have to offer as your potential partner in your business ventures. We hope to present to you that the Philippines is open and is ready for business,” the President said.
President Marcos Jr. reiterated that as the Philippines’ foremost export market and crucial trading and investment ally, the country’s ties with the United States has yielded substantial mutual advantages for both nations, underscoring that this partnership has proven invaluable in over a hundred years.
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