Business execs have PBBM’s back
PSAC supports any effort to strengthen ties between the Philippines and the United States
Private sector leaders have thrown full support to President Ferdinand “Bongbong” Marcos’ thrust to deepen ties with the United States amid the maritime conflict.
US Secretary of State Antony Blinken’s diplomatic visit last 19 March sought to reinforce the relationship between the two countries and explore further cooperation on economic, technology, and security investments in the region.
“PSAC (Private Sector Advisory Council) supports any effort to strengthen ties between the Philippines and the United States. The US government actively encouraging American businesses to invest in the Philippines is hugely beneficial for our economy, and so we are fully committed to cooperation,” PSAC strategic lead convenor and Aboitiz Group president and CEO Sabin Aboitiz said.
“President Marcos’ meeting with US President Joe Biden was definitely promising, and we look forward to continued progress in our bilateral relations,” Aboitiz added.
Blinken visited Malacañang for a courtesy call where he met Mr. Marcos and key Private Sector Advisory Council officials to reiterate the United States’ commitment to developing the country’s capabilities as its oldest ally in the Indo-Pacific region.
He noted that ever since the meeting of the two Presidents last May, the two allies had achieved remarkable progress in their relationship.
“Our focus, our determination when it comes to the Indo-Pacific and our engagement there, and specifically the relationship between our countries, could not be greater, could not be stronger, could not be more determined,” Secretary Blinken said.
President Marcos welcomed the Secretary of State, the second White House official to be received by the country in a week following US Secretary of Commerce Gina Raimondo. Last 1112 March, Secretary Raimondo led the first US Presidential Trade and Investment Mission to the Philippines. She led a delegation of 22 top US businesses to meet and collaborate with Philippine business groups organized by PSAC. The mission resulted in over USD 1 billion investments from American companies.
Encouraging development
“It is extremely encouraging for the Philippines that despite all of these extremely important issues that you have to attend to, that you consider the Philippines important enough to take time from all of those globally important issues to come with us in the Philippines here today,” President Ferdinand R. Marcos Jr. said.
Blinken highlighted the economic partnerships between the US and the Philippines that have turned it into a strategic partner in the region, specifically praising the Philippines’ impact on the semiconductor industry.
The country benefits from the US CHIPS Act, a $500 million International Technology, Security, and Innovation Fund intended to invest in the US and its partners’ semiconductor development initiatives.
“We’re constantly expanding this partnership to meet bigger challenges, to seize bigger opportunities, including semiconductors. If you look at what the Philippines is doing in this area, it’s already extraordinary. The Philippines has 20 percent of the global assembly market, for testing and packaging,” Blinken said.