American businesses hailed the administration’s efforts to transform economy as the largest US business contingent met President Ferdinand R. Marcos Jr. in Malacañang on Wednesday, and committed more investments in the Philippines.
“We look forward to deepening our engagements with your government and to create more partnerships with companies here in the Philippines. We’re very much focused and you highlight these themes on sustainable development, transformative digitalization, innovative healthcare solutions, supply chain resilience, and ease of doing business,” retired US ambassador Ted Osius said during a courtesy call of the US-ASEAN Business Council on the President.
“We are determined that we come here not just to talk but also bring a lot of action to create real partnerships and to show our commitment in the form of investments.”
Osius, the president and CEO of the US-ASEAN Business Council, mentioned the President’s recent State of the Nation Address (SONA) highlighting the importance of infrastructure, agriculture, clean energy, green metals and semiconductors, as he stressed American companies’ readiness to back the development efforts of the Philippines.
The US official said visiting with him are 30 companies, the largest delegation to visit the Philippines in the 40-year history of the US-ASEAN Business Council.
It is a testament, he pointed out, to the interest of organization members in the strong growth, the sustainable approach that the Marcos administration is taking to the economy, the stable marcoeconomic fundamentals, the country’s young and competent workforce, and government’s receptiveness to foreign investments.
He also raised the importance of the country’s participation in the Indo-Pacific Economic Framework for Prosperity, as well as in the Asia Pacific Economic Cooperation (APEC).
“The view in Washington is the Philippines has been an incredible partner in this process, especially Pillar II, the supply chain pillar of the Indo-Pacific Economic Framework and the US is looking for continued Philippine leadership on Pillar III which is focused on clean energy, decarbonization, and infrastructure, and Pillar IV, tax and anti-corruption,” Osius said, adding that US companies welcome a transparent predictable business environment in the context of Pillar 4.
For his part, Marcos raised the need for synergies through alliances, partnerships, and arrangements with the country’s ASEAN and American partners which have been playing a very large part in Philippine development, especially as the nation focuses on climate change mitigation and adaptation.
“I recognize the critical role that the United States and American businesses have played in advancing a robust and inclusive economic growth in the Philippines, not only in this period but for a very long time now,” he told the US-ASEAN Business Council delegation.
“I invite the members of the esteemed Council to continue being valuable partners of the Philippines. Let us push for greater economic engagement between our two countries, for our mutual benefit, for the prosperity, especially of the region.”
Since 1984, the US-ASEAN Business Council has been the premier advocacy organization for US corporations operating within the dynamic ASEAN.
Worldwide, the Council’s membership of more than 170 companies generate almost US$7 trillion in revenue and employs more than 14.5 million people.
The Council is the only American organization formally recognized in the ASEAN Charter and meets annually with the Finance, Trade, and Energy Ministers at their annual meetings.
Today, its members include the largest US companies conducting business in ASEAN, and range from newcomers to the region to companies that have been working in Southeast Asia for more than 100 years. PND
