The Department of Finance (DOF) agreed to address concerns raised by US investors during a bilateral meeting with a high-ranking US official, aiming to strengthen economic ties and attract further investment.
Finance Secretary Ralph Recto met with Undersecretary for Economic Growth, Energy and Environment Jose Fernandez to discuss areas for strategic partnerships and closer cooperation.
Fernandez highlighted specific areas of interest for the US, particularly critical minerals, semiconductors and energy security.
Recto expressed a strong willingness to collaborate on the said areas, emphasizing the important role of the US as an anchor for potential investments in the country that could signal increased attention from other global investors.
He also urged the US to strengthen its trade partnership with the Philippines to diversify supply chains and enhance economic resilience.
Rector reassured the US officials of the Philippine government’s strong resolve to address investor concerns such as high electricity costs through initiatives like the proposed amendments to the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) and other streamlined processes to ease the conduct of business in the country.
Joining Fernandez were US Ambassador to the Philippines MaryKay Carlson, US State Department special assistants Laura Russ and CJ Johnson and key officials from the US Embassy in Manila.