Finance Secretary Ralph Recto said President Ferdinand Marcos, Jr.’s working visit to Washington D.C. from April 10 to 14, 2024 for the inaugural Trilateral United States-Japan-Philippines Leaders’ Summit will ensure economic security for the Filipino people.
“The president’s recent visit to Washington marks the beginning of a historic partnership between the world’s economic powerhouses–the US and Japan–that will not only advance economic growth, peace, and security in the Indo-Pacific region but the entire world,” Rector said.
“This synergy will go a long way in ensuring economic security for the Filipino people—which is a cornerstone of national security. The limits of what we can achieve through this heightened collaboration are countless,” he said.
President Marcos joined United States President Joseph Biden and Japan Prime Minister Fumio Kishida in the inaugural Trilateral US-Japan-Philippines Leaders’ Summit at the White House on April 11, 2024 to advance the countries’ shared agenda of prosperity and peace.
The president explored ways to advance cooperation in the areas of critical infrastructure, semiconductors, digitalization and cybersecurity, critical minerals, renewable energy and and maritime cooperation.
Apart from defense and maritime cooperation, both leaders expressed their support for advancing efforts to address climate change and boost the Philippine economy to allow industries to flourish and generate more quality jobs for Filipinos.
The three countries announced the first Partnership for Global Infrastructure and Investment corridor in the Indo-Pacific. The Luzon Economic Corridor in the Philippines will be launched to support connectivity between Subic Bay, Clark, Manila and Batangas.
It will become the first corridor in the Indo-Pacific that will bring more jobs for people across the entire region, as well as more investments in sectors critical to the future, ports, railroads, and agriculture, among others.
Philippine Ambassador to the US Jose Manuel Romualdez said the historic trilateral summit would bring in at least $100 billion in investments from the US and Japan to the Philippines within the next five to 10 years.
Recto also engaged with top US and Japan-based business executives to bolster economic and investment partnerships on the sidelines of the working visit.
He took part in a high-level meeting between President Marcos, Jr. and the Japan Chamber of Commerce and Industry (JCCI), led by Chairman Ken Kobayashi, on April 11, 2024 to strengthen the investment cooperation between the Philippines and Japan.