ABOITIZ EQUITY VENTURES, INC. Private sector leaders have extended their full support to President Ferdinand Marcos Jr. as he deepened ties with the United States during US Secretary of State Antony Blinken's diplomatic visit to the country last March 19. Blinken visited to reinforce the relationship between the two countries and explore further cooperation on economic, technology, and security investments in the region.
"PSAC supports any effort to strengthen ties between the Philippines and the United States. The U.S. government actively encouraging American businesses to invest in the Philippines is hugely beneficial for our economy, and so we are fully committed to cooperation," PSAC strategic lead convenor and Aboitiz Group President and CEO Sabin Aboitiz said.
"President Marcos Jr.'s meeting with President Biden was definitely promising, and we look forward to continued progress in our bilateral relations," added Aboitiz.
US Secretary Blinken visited Malacañang for a courtesy call where he met President Ferdinand Marcos Jr., the Private Sector Advisory Council (PSAC), and key officials to reiterate the United States' commitment to developing the Philippines' capabilities as its oldest ally in the Indo-Pacific region. He noted that ever since President Marcos Jr.'s meeting with US President Joseph Biden Jr. last May, the two countries had achieved remarkable progress in their relationship.
"Our focus, our determination when it comes to the Indo-Pacific and our engagement there, and specifically the relationship between our countries, could not be greater, could not be stronger, could not be more determined," said Secretary Blinken.
President Marcos Jr. welcomed the Secretary of State, the second White House official to be received by the country in a week following US Secretary of Commerce Gina Raimondo. Last March 11-12, Secretary Raimondo led the first US Presidential Trade and Investment Mission (PTIM) to the Philippines. She led a delegation of 22 top US businesses to meet and collaborate with Philippine business groups organized by PSAC. The mission resulted in over USD 1 billion investments from American companies.
"It is extremely encouraging for the Philippines that despite all of these extremely important issues that you have to attend to, that you consider the Philippines important enough to take time from all of those globally important issues to come with us in the Philippines here today," President Ferdinand R. Marcos Jr. said.
Secretary Blinken highlighted the economic partnerships between the US and the Philippines that have turned it into a strategic partner in the region, specifically praising the Philippines' impact on the semiconductor industry. The country benefits from the US CHIPS Act, a USD 500 million International Technology, Security, and Innovation Fund intended to invest in the US and its partners' semiconductor development initiatives.
"We're constantly expanding this partnership to meet bigger challenges, to seize bigger opportunities, including semiconductors. If you look at what the Philippines is doing in this area, it's already extraordinary. The Philippines has 20% of the global market for assembly, for testing and for packaging," said Secretary Blinken.
He echoed the statements made by Secretary Raimondo, who had said during the PTIM that the US will help the Philippines double its semiconductor assembly facilities. Secretary Blinken also mentioned that the US will continue to strengthen ties with its partners in the region, citing the upcoming first-of-its-kind trilateral meet between Japan, the US, and the Philippines to seize bigger opportunities.
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Aboitiz Equity Ventures Inc. published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2024 11:15:05 UTC.
