WASHINGTON – US President Joe Biden is sending a “first of its kind” trade and investment mission to the Philippines to boost the investments of American firms in the country’s innovation economy and its clean energy and food security initiatives.
“We’re going to announce today that I’m sending a first-of-its-kind presidential trade and investment mission to the Philippines,” Biden told President Marcos during their bilateral meeting at the White House Oval Office yesterday.
A fact sheet released by the White House after the meeting indicated the sending of a trade and investment mission to the Philippines is among the new arrangements and initiatives that aim to “expand on the historic momentum” in the relations between Manila and Washington.
“The Presidential Trade and Investment Mission will feature the highest caliber of US business leaders,” it added.
The arrangements and initiatives were placed under different categories, namely, economic cooperation, where the sending of the trade and investment mission belongs; US-Philippines alliance, education and people-to-people ties, advancing respect for human rights, collaboration on clean energy and environmental protection and supporting resilient and healthy communities.
“President Biden intends to dispatch a Presidential Trade and Investment Mission to the Philippines on his behalf – the first mission of its kind – to enhance US companies’ investment in the Philippines’ innovation economy, its clean energy transition and critical minerals sector, and the food security of its people,” the White House said.
Another initiative under economic cooperation is the bringing of the Indo-Pacific Business Forum to the Philippines.
The White House said the US and the Philippines would co-host the 6th annual Indo-Pacific Business Forum in Manila, pending congressional notification.
Sponsored by the US Trade and Development Agency, the event has been described as “the US’s marquee annual commercial event in the region” that convenes the highest level of public and private sector leaders to review policy developments, announce new investments and identify new commercial partnerships.
It is expected to take place in spring of 2024.
“The forum will strengthen the Philippines’ position as a key hub for regional supply chains and high-quality investment,” the White House said.
The US also aims to establish a brick-and-mortar Open RAN Interoperability Lab in Manila, pending congressional notification. The White House said the lab would provide hands-on training to current and aspiring 5G professionals and an opportunity for vendors and operators deploying Open RAN to teach and educate local engineers how to design, build and operate these open, secure and interoperable networks.
Infrastructure
Another initiative under economic cooperation is investing in sustainable, high-quality infrastructure, including a plan by the US Agency for International Development to launch a new partnership to scale up infrastructure development in the Philippines and support the building of high-quality railways, ports and transport systems.
The US Trade and Development Agency is also expected to launch throughout the year sustainable infrastructure activities that seek to leverage over $3 billion in public and private financing to strengthen the Philippines’ critical mineral supply chains, advance smart grid technologies and clean energy solutions, promote secure 5G deployment, strengthen airport security and maritime safety and support health care infrastructure across the Philippines.
The Philippines and the US also aim to expand their air connectivity and modernize their bilateral aviation relationship.
Aeronautical authorities from the two countries will formalize a technical aviation dialogue at the upcoming Asia Pacific Economic Cooperation (APEC) Transportation Ministerial Meeting in Detroit to enhance policy and regulatory alignment to modernize their air transportation agreement.
Manila and Washington also seek to enhance bilateral cooperation on space situational awareness and the use of space for maritime domain awareness, including through the first-ever US-Philippines Civil Space Dialogue, the White House said.
“The countries will collaborate on the use of space-based technology in the areas of disaster management and emergency response, health care, mapping of resources and accessibility, pollution monitoring, deforestation, land use and infrastructure planning and maritime awareness,” it added.
Marcos and Biden also welcomed the strengthening of bilateral cooperation on the Landsat program, including the possibility of the Philippines downloading imagery directly from Landsat satellites to its ground stations.
Climate change
In a joint statement, Marcos and Biden vowed to undertake urgent action to reduce greenhouse gas emissions, noting that the Philippines is vulnerable to the effects of climate change, which “poses an existential threat to the world.”
“They resolve to expand collaboration on renewable energy production to accelerate the clean energy transition while bringing down energy costs and expanding energy access for families,” the statement read.
The two countries also intend to pursue an “ambitious” program of cooperation on wind, solar and geothermal energy, while enhancing cooperation on reducing greenhouse gas emissions from the waste, road and shipping sectors.
Marcos and Biden also agreed to expand cooperation on environmental protection, including enhanced domain awareness, marine conservation and protecting coastal areas from environmental degradation. They also pledged to promote increased cooperation and knowledge sharing through the Science and Technology Agreement.
The two leaders also emphasized the importance of strong democratic institutions, rule of law and respect for human rights, including freedom of expression, press and association and countering any form of violence in society.
They also welcomed the establishment of a bilateral labor working group as part of the US-Philippines Trade and Investment Framework Agreement and recognized the people-to-people ties between their countries as “an indispensable pillar” of their partnership.
The two leaders cited the service and sacrifice of Filipinos in World War II, and the contributions of Filipino Americans frontliners to the fight against the COVID-19 pandemic.
“Looking to the future, President Biden and President Marcos express the utmost confidence that the special ties between their nations and their people will only grow stronger with time, as the United States and the Philippines continue to realize their shared vision of partnership, peace and prosperity,” the joint statement read. – Delon Porcalla
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