US sounded out on electronics, minerals tie-ups

THE Department of Finance (DoF) said it discussed possible collaboration in electronics, minerals, and energy with a US State Department official.

In a statement on Tuesday, the DoF said Finance Secretary Ralph G. Recto met with Undersecretary for Economic Growth, Energy, and Environment Jose W. Fernandez to discuss “areas of strategic partnerships and closer cooperation in matters of common concern, including strengthening economic resilience.”

“Undersecretary Fernandez highlighted specific areas of interest for the US, particularly critical minerals, semiconductors, and energy security,” the DoF said.

“In response, Secretary Recto expressed a strong willingness to collaborate on the said areas, emphasizing the important role of the US as an anchor for potential investment that could signal increased attention from other global investors,” it added.

Mr. Recto also promoted trade partnerships with the US to “diversify supply chains and enhance economic resilience.”

He said the Philippines is working to address concerns on ease of doing business, citing the proposed amendments to the Corporate Recovery and Tax Incentives for Enterprises Act.

Mr. Recto has said he proposed a free trade agreement with the United States in a separate meeting.

Separately, Mr. Recto met with the Securities and Exchange Commission Philippines (SEC) on Tuesday.

Mr. Recto instructed the SEC to work with the Bureau of Internal Revenue to share data and improve tax collection.

“Secretary Recto also assured the SEC of the DoF’s staunch support for its reforms and initiatives to further digitalize systems, boost the Philippine stock market, intensify consumer protection, enhance supervision and regulation of the financial system, promote trade and investments, and advance financial literacy and sustainability, among others,” it added. —