The Philippine government is seeking stronger trade relations with the United States amid the upbeat trade performance in 2017, Economic Planning Secretary Ernesto Pernia said.
Pernia, in a presentation before the US-Philippines Society Board of Directors meeting, highlighted the intention of the Philippines to keep its current trade surplus with the US in positive territory and further improve trade between both countries.
“We have a positive trade balance with the US, and we want to keep it that way,” Pernia said.
Pernia said there was a need to discuss and explore more free trade agreements with the US to foster investment opportunities.
“Even though we already have a Trade and Investment Framework Agreement with the US, it is still important to establish an FTA to gain access for more exports from the Philippines to the US market,” Pernia said.
He identified food production, agriculture, renewable energy and services as sectors that could be further explored to improve trade and investment opportunities between the two countries.
Pernia said opening up more sectors to foreign investments and amending the Public Service Act to engender competition and improve ICT infrastructure would open more trade opportunities in education, telecommunications, transportation and construction.
“Now is an opportune time to strengthen ties with our foreign partners,” Pernia said, adding that the recovery of global trade was an opportunity for Philippine exports to grow.
Philippine exports to the US reached $8.5 billion while imports amounted to $6.4 billion in January to November 2017.
Among the top Philippine exports to the US were semi-conductors, garments, manufactures, electronics and electronic data processing.
Top imports from the US were telecommunications equipment and electronic machinery, materials and accessories for the manufacture of electrical equipment, animal feeds, wheat, and aircrafts, ships and boats.
Meanwhile, investment commitments of the US reached P5.5 billion in the first three quarters of 2017, focusing mainly on administrative and support activities and manufacturing.
The US-Philippines Society Board of Directors’ Meeting provided a venue to promote trade and investment ties after the meeting of President Rodrigo Duterte and President Donald Trump in November 2017.
