A GROUP of top-level American executives formed by US President Joe Biden will be sent to the Philippines this week to boost trade and investment ties between the allied nations.
The White House said that Gina Raimondo, secretary of the United States Department of Commerce, will lead the delegation which will be in Manila from March 11 to 12.
The high-level US Presidential Trade Mission was a commitment of Biden during the official visits of President Ferdinand Marcos Jr. to the US.
The US delegation will explore opportunities on trade and investments in the Philippines in a bid to deepen further American firms’ commercial ties with the local economy, especially on energy, critical minerals, and food security.
The Philippine Economic Zone Authority (PEZA) had earlier expressed optimism on the upcoming trade mission from the US as this could increase US companies’ investment portfolio in the country’s economic zones.
American firms’ investment portfolio in economic zones currently stands at P404.37 billion.
Meanwhile, exports derived from US investments resulted in around $9.53 billion for the Philippines.
Latest recorded trade of goods and services between the Philippines and the US stands at $36.1 billion with Philippine exports reaching $23.3 billion in 2022.
According to PEZA, the US is the second largest foreign investor in its economic zones accounting for 14.16% of the registered business enterprises, which include Texas Instruments, Collins Aerospace, Analog Devices, Concentrix, MOOG, Teradyne, JP Morgan Chase Bank, among others.
There are currently 355 US locator companies in the PEZA economic zones generating employment for 365,257 Filipinos. (GMA Integrated News)
