Biden to send high-level trade group to PH on March 11

Metro Manila (CNN Philippines, January 14) — United States President Joe Biden will send a Presidential Trade and Investment Mission to Manila on March 11-12, the White House announced on Saturday, Philippine time.

In a statement, National Security Council spokesperson Adrienne Watson said the mission aims “to enhance U.S. companies’ contributions to the Philippines’ innovation economy, connective infrastructure, clean energy transition, critical minerals sector, and the food security of its people.”

“The mission will be led by Secretary of Commerce Gina Raimondo and will reinforce the Philippines as a key hub for regional supply chains and high-quality investment. President Biden’s announcement follows on his commitment to Philippine President Ferdinand R. Marcos Jr. to advance U.S.-Philippines economic ties and internationally recognized labor rights,” she added.

The initiative was first revealed in November last year.

READ: High-level US trade group to visit PH in March

Albay 2nd district Rep. Joey Salceda, chairman of the House Ways and Means Committee, expressed his support for the US trade and investment mission, saying it is a “demonstration” of the US commitment to bring more opportunities for Filipinos.

“I am particularly encouraged by its offer of financing the Mindanao Railway Project through the Development Finance Corporation (DFC), the US agency for supporting projects in developing countries. Segments of the PNR South Long Haul project to Bicol are also potential investment areas,” Salceda said.

“What is advantageous about the DFC as a financing source is that it was designed to revitalize the US’s presence in ODA (Official Development Assistance) financing — and is therefore allowed to make deeply concessional financing in its 2018 charter. That includes equity investments and loans in local currencies,” he added.

He also noted that the trade mission will have a significant impact on the prosperity of the Philippines, especially in aerospace and defense, pharmaceuticals, transport, and energy.