Philippines’ Innovation Economy And Clean Energy Transition To Receive Boost From US Investment

US President Joseph Biden said he will send a “first of its kind” presidential trade and investment mission to the Philippines.

Biden made the remark following his bilateral meeting with President Ferdinand R. Marcos Jr. in Washington.

The US leader noted Manila and Washington’s “strong partnership” and “deep friendship, one that has been enriched by millions of Filipino-Americans and the communities all across the United States.”

Biden also committed to stepping up America’s support in a wide range of issues, including climate change mitigation and the economy.

“We’re tackling climate change, we’re accelerating our countries’ chances… and we’re standing up for our shared democratic values and workers’ rights… and together we’re deepening our economic cooperation,” Biden told Marcos.

President Ferdinand R. Marcos Jr. and US President Joseph Biden on Monday affirmed a series of partnerships aimed at strengthening the alliance of Manila and Washington.

In a joint statement, Marcos and Biden hailed the “remarkable ties of friendship, community, and shared sacrifice that serves as the foundation of the U.S.-Philippines alliance.”

“In efforts to promote inclusive and broad-based prosperity, invest in the clean energy transition and the fight against climate change, uphold international peace and stability, and ensure respect for human rights and the rule of law, the United States and the Philippines will remain the closest of allies, working together to deliver a better future for our citizens and tackle the emerging challenges of the twenty-first century,” the joint statement read.

The US leader earlier said he will dispatch a Presidential Trade and Investment Mission to the Philippines to enhance American investment in the Philippines’ innovation economy, its clean energy transition and critical minerals sector, and the food security of its people.

Based on the joint statement, the leaders further bared that the Philippines and the US will co-host the 2024 Indo-Pacific Business Forum, described as the US’ “marquee commercial event in the region.”

It will be held in Manila to further establish the Philippines as a key hub for regional supply chains and high-quality investment, they said.

Both leaders resolved to expand cooperation on environmental protections, including enhanced domain awareness, marine conservation, and protecting coastal areas from environmental degradation.

Marcos and Biden pledged to promote increased cooperation and knowledge sharing between the United States and the Philippines through the Science and Technology Agreement (STA). They also welcomed US plans to establish an Open-RAN Interoperability Lab in Manila.