GMA’s US state visit generates $3.2-B in investment pacts

WASHINGTON (via PLDT) — President Arroyo’s state visit to the United States has resulted in $3.2 billion worth of new investment agreements, as well as grants-in-aid for defense, security and socio-economic development.

Another windfall generated by the President’s state visit is $1 billion in trade costs the Philippines will save with the tax-free entry of selected Philippine products into the US market under the US Generalized System of Preferences (GSP).

Finance Secretary Jose Isidro Camacho said the investment agreements were contained in nine bilateral, government-to-government agreements between the Philippines and the US and eight government-to-business memoranda of understanding (MOU).

The President, however, sought to "veer away from the mindset" of highlighting these figures as "fruits" of her state visit to the US.

The President expressed satisfaction over the restoration of the GSP privileges for Philippine export products.

Among the 17 agreements Mrs. Arroyo witnessed the signing of were:

• The RP-US Agreement on Cooperation in Science and Technology;

• Agreement on Narcotics Control and Law Enforcement, in which the US government will provide the Philippine government with assistance totaling $1.01 million to enhance the policing, supervisory and management skills of law enforcement agencies;

• RP-US memorandum of intent for completion of assistance for former Moro National Liberation Front combatants’ transition into the Peacetime Economy;

• Joint statement of intent regarding the negotiation of an agreement to finance the sale and exportation of US agricultural commodities to the Philippines;

• Joint statement of intent for the establishment of the Philippines and the US Agriculture Research and Development Endowment Fund;

• Letter of interest for the export of irrigation technologies for an enhanced agricultural productivity project in the Philippines;

• Memorandum of intent to strengthen remittance channels to the Philippines by Filipinos in the US;

• MOU between the Philippines and the US Trade Development Agency (TDA) on a technical assistance grant to rural electric power cooperatives; and

• MOU between the Philippines and the US TDA for capacity-building in connection with the US Secure Trade in the Asia-Pacific Economic Cooperation (APEC).

Eight other agreements were signed in the presence of Mrs. Arroyo at Blair House, Washington’s state guest house.