NEDA: Stronger US-Phl ties key to inclusive growth

MANILA, Philippines - The National Economic and Development Authority (NEDA) on Monday said a stronger partnership between the Philippines and the United States of America (USA) is key to economic stability and inclusive growth.

“For us here in the Philippines, geopolitical stability is a key driver of growth. We need stability in the years to come for us to be able join the rank of more advanced economies. That’s why we need good relationships and partnerships with other governments. The US sending the signal that it is here in Asia for the long haul will help bring that stability,” Socioeconomic Planning Secretary and NEDA Director General Arsenio Balisacan said.

He said USA has a significant role in the Asian region and is expected to remain strong in years to come.

“Their government’s assistance to the country in forms of partnership for growth is contributing quite significantly to the whole process of complementation of our development resources,” he added.

The US is the second biggest trading partner of the Philippines, with total trade amounting to $14.5 billion in 2013. It is also one of the major sources of remittances from overseas Filipinos from 2007-2013. A total of $23 billion in remittances were sent in the country from USA in 2013, 7.4 higher from 2012.

“Overall, the Philippines has strong linkages with the USA in many areas of the economy such as trade, finance, overseas Filipino employment and remittances, foreign direct investments, among others,” Balisacan said.