MANILA, Philippines — President Marcos’ meeting with US President Joe Biden this weekend in Washington will definitely boost the local economy as well as the country’s security in the wake of regional tensions, Speaker Martin Romualdez said yesterday.
“The meeting between President Marcos and US President Biden will further reinforce the robust long-term bilateral relations between the Philippines and the US,” the administration stalwart, who heads the 312-member House of Representatives, said.
“I’m confident it would redound to huge dividends for our country in terms of security and increased economic cooperation. It will ultimately pay huge dividends for the Philippines,” he said, hoping it will “create more investment opportunities and jobs for Filipinos.”
“Security and stability are indispensable ingredients for continued economic growth and prosperity. An improved iron-clad alliance between the two countries would greatly contribute to the realization of President Marcos’ vision for sustained economic growth that would provide jobs and livelihood for the Filipinos,” Romualdez noted.
The Speaker is in the US, following up on his earlier interactions with his US counterpart Speaker Kevin McCarthy and other key American legislators and government officials, as he awaits the arrival of Marcos.
Romualdez noted that Washington remains an important and strategic trading and investment partner of Manila.
In 2021, the US was the Philippines’ third largest trading partner, top export market, and fifth major import source, whereas the Philippines ranked 30th among the US’ top trade partners.
The US was also the Philippines’ fifth largest source of foreign investments in 2021, notably in the IT-BPO, electronics, real estate, construction, and transportation and storage sectors.
Romualdez and his delegation to the US also engaged their US counterparts to promote the Philippines as an ideal investment destination for US businesses, citing the robust economic outlook for the country.
“With our strong economy, we invited the US to increase and expand its investments,” he said.
Just recently, the Speaker joined the economic team of the President to help generate more investments during the 2023 World Bank Group-International Monetary Fund Spring Meetings.
“Now the congressional delegation of the House leadership is engaging their counterparts in the US Congress. We are working all out with our strong message to come to the Philippines and invest there,” he said.