LAWMAKERS on Monday welcomed the arrival of a high-level United States trade and investment mission to the Philippines, hailing it as a testament to President Ferdinand “Bongbong” Marcos Jr.’s efforts to promote the country to foreign investors.
During a press conference at the House of Representatives, they also pointed out that U.S. President Joe Biden’s trade mission arrived at an opportune time as the Philippine Congress tackles constitutional reforms to allow more foreign investments in the country.
Deputy Speaker David “Jay-jay” Suarez expressed elation over the mission’s arrival as he highlighted the significance of foreign direct investments (FDIs) for the country’s economy and national defense.
“I think this is another realization for us to accept why [FDIs] will be beneficial to the country especially in addressing the aggressiveness of China against the Philippines,” Suarez said.
Attracted to PH
He underscored that nations are attracted to the Philippines not solely because of its membership in ASEAN and the United Nations, but also because of its thriving business opportunities.
Suarez said that countries with substantial investments in the Philippines are keen on safeguarding their assets.
“So, with more [FDIs] I think this is another clear way we can address the issue that is happening in the West Philippines Sea,” he added.
Suarez also noted the honor and opportunity presented by the trade mission, particularly amid deliberations on economic reforms, expressing optimism about the potential benefits it could bring.
“If I was a businessman and if I was part of the trade mission and I’m going to the Philippines knowing that the Constitution will be improved for us to be allowed to invest more, I think that’s a green light for the trade mission,” Suarez pointed out.
The Deputy Speaker also commended President Marcos for his role in facilitating the U.S. mission, acknowledging his efforts in promoting the country abroad.
“Gusto ko pong kilalanin, of course, ‘yung efforts ng ating pangulo, President Ferdinand ‘Bongbong’ Marcos, because it is true that his numerous visits and trips abroad that allowed this trade missions to happen in the country. Congratulations to our President,” Suarez said.
In the same press conference, 1-RIDER Partylist Rep. Rodge Gutierrez stressed the need for unity in advancing the country’s interests and pointed out the link between discussions on economic amendments to the Constitution and the arrival of the trade mission.
“It really reminds us of the discussions on Charter change. Opening up the economy would create a more welcoming environment for foreign investors,” Gutierrez said, as he stressed the need to pass economic constitutional amendments to facilitate smoother entry for foreign investments.
Seeing results of PBBM’s efforts
Gutierrez said that the country is now seeing the results of President Marcos’ efforts, highlighted by the arrival of the first-ever U.S. trade mission in the country.
“If you could recall binabatikos siya (President Marcos) because he would visit a lot of countries. We question the strategy but now that we see it more coherent together with the advice ng mga fiscal managers ng country natin, it has been very consistent. The administration has been nothing but consistent, and ngayon nagbubunga na po,” he said.
For his part, Cagayan de Oro City 1st District Rep. Lordan Suan underscored the positive impact of increased investments on national defense and praised President Marcos for his proactive approach in promoting the country overseas.
“It just goes to show that you have to go out of your comfort zone, you have to go out of your own country, stir things up, make things happen. I guess that’s one of the jobs of our President and it has borne fruit,” Suan said.
He also emphasized the importance of supporting the President through economic reforms.
“I guess the least that we can do is to help him through the amendment of economic provisions in our Charter, which are restrictive, to make it easier for foreign investment to come in,” he said.
For the first time, the U.S. government has dispatched a presidential trade and investment mission to the Philippines.
Leading the mission to Manila from March 11 to March 12 is U.S. Secretary of Commerce Gina Raimondo.
She is accompanied by 21 American business leaders and senior corporate executives, along with notable personalities such as celebrity and philanthropist Allan Pineda, widely known as Black Eyed Peas rapper Apl.de.Ap and founder of the Apl.de.Ap Foundation International.
