Ensuring economic security for PH

Soon, a delegation from Washington-based international strategic advisory firms will arrive in the Philippines to discuss potential collaboration in strengthening the Maharlika Investment Fund and improving digitalization efforts in revenue generation.

This, following the five-day working visit from April 10 to 14 to Washington, DC of President Ferdinand Marcos Jr. for the inaugural Trilateral United States-Japan-Philippine Leaders Summit aimed, from our point of view, at ensuring economic security for the country’s 114 million population.

Finance Secretary Ralph Recto himself said the President’s visit underscored a historic partnership between the world’s economic powerhouses – the US and Japan – that will not only advance economic growth, peace, and security in the Indo-Pacific region but the entire world.

“This synergy will go a long way in ensuring economic security for the Filipino people — which is a cornerstone of national security. The limits of what we can achieve through this heightened collaboration are countless,” Recto said.

On April 11, President Marcos joined US President Joseph Biden and Japan Prime Minister Fumio Kishida in the inaugural Trilateral U.S.-Japan-Philippines Leaders Summit at the White House to advance the countries’ shared agenda of prosperity and peace.

We watched as President Marcos explored ways to advance cooperation in areas of critical infrastructure, semiconductors, digitalization and cybersecurity, critical minerals, renewable energy, as well as defense and maritime cooperation.

Apart from defense and maritime cooperation, both leaders expressed their support for advancing efforts to address climate change and boost the Philippine economy to allow industries to flourish and generate more quality jobs for Filipinos.

In a joint statement, the three countries announced the first Partnership for Global Infrastructure and Investment corridor in the Indo-Pacific, which will bring more jobs for people across the entire region, and more investments in sectors critical to the future, ports, railroads, and agriculture.

Through this partnership, the Luzon Economic Corridor in the Philippines will be launched to support connectivity between Subic Bay, Clark, Manila, and Batangas.

Recto joined the President in a meeting with Ultra Safe Nuclear Corporation top executives to discuss potential collaboration in the energy sector.

President Marcos welcomed USNC’s commitment to investing in micro modular reactors and power generation projects in the Philippines, underscoring its alignment with his administration’s goal of providing a reliable and clean energy solution for the country.

“This initiative ensures greater energy security, reduced reliance on fossil fuels, and holds the promise of substantial economic gains for the Filipino people,” the President said.

Recto also engaged with top executives of Washington-based international strategic advisory firms and took part in a high-level meeting between President Marcos and the Japan Chamber of Commerce and Industry on April 11 to strengthen the investment cooperation between the Philippines and Japan.

Like the finance chief, we welcome the firms’ eagerness to assist the government in its digitization initiatives and in ensuring that the MIF fulfills its extensive objectives, drawing from their extensive practical experiences in various countries over the years.

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