The United States (US) has cited the benefits to the Philippines of the Indo-Pacific Economic Framework (IPEF) particularly in addressing corruption, improving tax collection, boosting supply chain of semiconductors and in tackling climate change.
“Based on preliminary discussions, we see the Philippine economy and importantly Philippine workers and families benefiting from a range of areas under the framework,” said Heather Variava, deputy chief of mission, Embassy of the United States to the Philippines, in her remarks at the Philippine Business Conference and Expo last week.
Variava said in the fair economy pillar of IPEF, “we expect Philippine fiscal situation to benefit from improved tax collection and transparency, which directly benefits Filipinos, workers and families.”
“We also hope to work with the Philippines and other partner nations on tackling corruption, which we know will improve the investment, climate and boost flows of commerce,” Variava added.
Variava also noted IPEF’s impact on supply chains.
“The Philippines is a critical node in the global supply chain for semiconductors and Philippines is one of the world’s top producers of nickel, a critical mineral used in battery and electronics manufacturing. Through IPEF, we aim to promote supply chain resilience and attract investments that support the industrial base for semiconductors and battery manufacturing,” she said.
But Variava noted these high quality investments are about “more than money or minerals.”
“These investments create good, high paying jobs that build communities and commercial ecosystems in areas where we invest,” she said.
An important point stressed by Variava is how the Philippines is vulnerable to many typhoons.
“We see the Philippines benefiting from regional efforts … with development partners to bolster resilience to climate change and natural disasters. We recognize the Philippines is one of the world’s most vulnerable countries to climate change and we expect cooperation under the clean economy pillar to directly benefit efforts to promote climate resiliency,” Variava said.
