Finance Secretary Ralph Recto broached the possibility of having a free trade agreement (FTA) with the United States (US) during his meeting with US officials US recently.
Recto also discussed the further enhancement of security and military ties between the two nations.
In a statement, the DOF said Recto has assured US officials of the Philippines’ strong commitment to roll out a welcoming “red carpet” to potential investors in the country.
Recto met with US officials led by treasury department deputy assistant secretary for Asia Robert Kaproth last January 22 to discuss efforts to further strengthen ties and boost economic and investment cooperation between the Philippines and the US.
The Philippines has been proposing the idea of an FTA with the US but the latter has prioritized the Indo-Pacific Economic Framework for Prosperity as a pathway for stronger ties with partners.
Recto assured the US partnership with the Philippines would be a two-way street as he emphasized the importance of consistent dialogue.
In response, US officials welcomed these developments and expressed optimism about further deepening partnership with the Philippines, pointing out the country’s young, English-speaking population and strong macroeconomic fundamentals underscore its attractiveness as a viable investment destination.
The US likewise expressed interest in helping the Philippines establish an investment mechanism to help the country screen foreign direct investments for national security purposes.
Recto said among the priority sectors for infrastructure investments include renewable energy, water, airports, seaports, roads, tollways and railways.
A high-level delegation from the US government is expected to visit the Philippines in March to further strengthen bilateral ties between the two countries.
