The US and the Philippines underscored the importance of building resilient and sustainable alliance “in its broadest sense,” highlighting significant progress in economic engagement and plans for a stronger bilateral cooperation.
Department of Foreign Affairs Secretary Enrique Manalo and US Secretary Antony Blinken reaffirmed their commitment to promoting broad security, enhancing trade, and mitigating economic coercion during the recent 2+2 Foreign and Defense Ministerial meeting.
“This is really comprehensive security, not just our military fiscal security, but also our economic security and our joint resilience. We have partnering and partnership on critical issues,” Blinken declared.
Both sides welcomed the strides made over the past year, including the first-ever US Presidential Trade and Investment Mission, the Philippines’ co-hosting of the 2024 Indo-Pacific Business Forum, and the launch of the Luzon Economic Corridor (LEC) under the Partnership for Global Infrastructure and Investment (PGI)-Indo-Pacific Economic Framework (IPEF) Investment Accelerator.
“We’re also investing in high-quality, high-impact infrastructure via the Luzon Economic Corridor, connecting key economic hubs, Subic Bay, Barra, Manila, and Pontus, and doing this through investments in rail, in port modernization, in clean energy, in semiconductor supply chains, in agribusiness,” Blinken addressed.
“As we lower logistics costs, as we strengthen supply chains, that will continue to drive investment and growth and will be a benefit for all of us. And this is supported by coordinated action, including coordinated action between the United States and Japan,” he added.
Furthermore, they emphasized the importance of strengthening the bilateral trade relationship, as discussed during the July 2024 United States-Philippines Trade and Investment Framework Agreement meeting. The Secretaries committed to sustaining momentum in key sectors, notably renewable energy, agriculture and food security, critical minerals processing, semiconductors, and infrastructure investments.
The US and the Philippines emphasized the need to advance shared agendas for inclusive and sustainable economic growth through infrastructure investments, a secure digital ecosystem, enhanced agricultural productivity, resilient supply chains, safeguarded technologies, renewable energy, and workforce development.
“We are living in an incredibly complex moment, and as a result, the partnership between our countries is more important than ever, and our commitment to growing it now and for the years ahead is visible,” Blinken emphasized.
