US President Joe Biden has sent a high-level trade and investment mission to the Philippines, led by Commerce Secretary Gina Raimondo, to explore business opportunities and strengthen economic ties with the Southeast Asian nation. The mission, which arrived in Manila on March 11, 2024, is composed of 22 top executives from various US companies, representing sectors such as technology, energy, infrastructure, and finance.
Some of the notable members of the delegation are:
– Charlie Ergen, Co-Founder and Chairman of EchoStar and DISH, two leading satellite and television providers in the US and globally.
– Brett Hart, President of United Airlines, one of the largest and most influential airlines in the world, with a strong presence in the Asia-Pacific region.
– Rich Lesser, Global Chair of Boston Consulting Group, one of the world’s leading management consulting firms, with expertise in strategy, innovation, and digital transformation.
– David Luboff, Partner and Head of Asia Pacific Infrastructure and Co-Head of KKR Asia Pacific, one of the world’s largest and most successful private equity firms, with a focus on infrastructure investments in emerging markets.
– Ted Osius, President and CEO of the US-ASEAN Business Council, a premier advocacy organization that promotes trade and investment between the US and the 10 member states of the Association of Southeast Asian Nations (ASEAN).
– Allan Pineda (aka Apl.de.Ap), Founder of the Apl.de.Ap Foundation International, a non-profit organization that supports education, health, and music programs for Filipino children and youth.
A Strategic Objective
The trade and investment mission is part of Biden’s commitment to deepen and broaden the US-Philippines alliance, which is based on shared values, interests, and history. The mission is also a response to the invitation of Philippine President Ferdinand Marcos Jr., who visited the US in January and discussed various bilateral and regional issues with Biden.
The mission aims to achieve the following objectives:
– To identify and pursue new trade and investment opportunities in the Philippines, especially in the areas of innovation, connectivity, sustainability, and security.
– To showcase the US products, services, and technologies that can support the Philippines’ economic development, recovery, and resilience, especially amid the COVID-19 pandemic and the climate change challenges.
– To enhance the US companies’ presence and participation in the Philippine market, and to address the barriers and challenges that they face, such as tariffs, regulations, and competition.
– To foster stronger partnerships and collaborations between the US and Philippine businesses, governments, and civil society, and to support the initiatives and reforms that promote transparency, accountability, and inclusiveness.
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A Promising Outlook
The trade and investment mission is expected to yield positive outcomes and benefits for both the US and the Philippines, as well as for the region and the world. The mission is expected to result in:
– Increased trade and investment flows between the US and the Philippines, which are already among each other’s top trading and investment partners, with a bilateral trade volume of $32 billion and a stock of foreign direct investment of $9 billion in 2023.
– Enhanced cooperation and coordination on regional and global issues, such as the South China Sea dispute, the ASEAN integration, the Indo-Pacific strategy, and the COVID-19 response and recovery.
– Improved relations and understanding between the US and the Philippines, which have been strained in recent years due to political and ideological differences, human rights concerns, and security dilemmas.
– Greater opportunities and benefits for the US and Philippine people, especially the entrepreneurs, workers, consumers, and communities, who will enjoy more jobs, income, choices, and quality of life.
