Recto: PH committed to stronger ties with US
FINANCE Secretary Ralph Recto has reassured UNITED STATES OFfiCIALS OF THE PHILIPPINES’ firm commitment to enhance relations and foster greater economic and investment cooperation between the two countries.
Recto convened with a delegation of US officials on Monday. The delegation was headed by Deputy Department of the Treasury Assistant Secretary for Asia Robert Kaproth.
The meeting aimed to explore avenues for enhancing bilateral relations and fostering increased economic and investment collaboration between the Philippines and the US.
Recto affirmed to the US that the partnership with the Philippines would be mutually beneficial, underscoring the significance of ongoing dialogue.
He discussed the possibility of establishing a free trade agreement (FTA) with the US and strengthening security and military cooperation between the two nations.
Recto emphasized the Philippine government’s commitment to swiftly address investor concerns, unveiling economic liberalization laws aimed at enhancing the ease of doing business in the country.
These legislative initiatives encompass revisions to the Retail Trade Liberalization Act, the Foreign Investments Act, and the
Public Service Act.
Additionally, he highlighted recent enhancements to the publicprivate partnership (PPP) framework through the implementation of the PPP Code, paving the way for significant investment opportunities in the infrastructure sector.
Under President Ferdinand Marcos Jr.’s Build Better More infrastructure program, the Infrastructure Flagship Projects consist of 198 projects with an estimated total investment requirement of P8.78 trillion ($157 billion).
Recto outlined priority sectors for infrastructure investments, including renewable energy, water, airports, seaports, roads, tollways, and railways.
He also revealed ongoing governmental deliberations regarding amendments to the Corporate Recovery and Tax Incentives for Enterprises Act to enhance the law and better align it with the interests of investors in strategic investments.
The US officials, in turn, welcomed these advancements and conveyed their optimism regarding the deepening partnership with the Philippines.
According to Recto, they emphasized the country’s appeal as a viable investment destination, citing its youthful, English-speaking population and robust macroeconomic fundamentals.
Additionally, the US expressed keen interest in assisting the Philippines in establishing an investment mechanism designed to screen foreign direct investments (FDIs) for national security considerations.
A high-level delegation from the US government is expected to visit the Philippines in March to further strengthen bilateral ties between the two countries.