QUEZON CITY (PIA) -- President Ferdinand R. Marcos Jr. concludes his official visit to Washington, D.C., United States of America by delivering a post-visit report on May 4, 2023.

The Chief Executive reports that the delegation secures USD 1.3 billion in investment pledges from US companies and businesses with the potential to create 6,700 new jobs for Filipinos. This interest to invest affirms the potential of the Philippines as a good location to grow its businesses.

President Marcos has touted before American business executives the Philippine economy’s growth, which stood at 7.6 percent last year. He called on US companies to invest more in the Philippines as the country stepped up efforts to “create an atmosphere that is attractive to potential investors.”

“This is the effect of our very aggressive efforts really to promote the Philippines as an investment destination,” said Marcos.

President Marcos also acknowledges these investments as great contributors to Philippine economic growth.  

“These investments will support our country’s economic recovery efforts and further strengthen the foundations of our economic environment,” the President said.

Moreover, Department of National Defense officer-in-charge Undersecretary Carlito Galvez and US Defense Secretary Lloyd Austin has established bilateral defense guidelines between the two countries to modernize the alliance cooperation "for a free and open Indo-Pacific region."

The said guidelines "reaffirmed that an armed attack in the Pacific, including anywhere in the South China Sea, on either of their aircraft or armed forces – which includes their Coast Guards – would invoke mutual defense commitments under the 1951 PH-US Mutual Defense Treaty."

 President Marcos believes that these new bilateral defense guidelines would be responsive to the challenges which are being faced by the country.

 "Well, one, that is responsive to the challenges that we face and that approaches and finds ways to solve those problems or challenges on a multidimensional basis," Marcos said.

The Philippine delegation had a productive visit to the US having expanded bilateral meetings where they discussed a wide range of issues that include security, defense, agriculture, climate change mitigation, economic cooperation, and cyber security.

This further strengthens the relationship between the two countries which are “bonded by shared values and commitment to mutual prosperity.”

Over the past 20 months, Manila and Washington had seen a steady exchange of official engagements at all levels of government.  US President Joseph Biden and President Marcos first met on the sidelines of the UN General Assembly in New York and are set to meet again in November for the APEC Economic Leaders’ Week.

Meantime, President Marcos is off to the United Kingdom to attend the coronation of King Charles III. He is expected to meet with UK Prime Minister Rishi Sunak to discuss the bilateral relations, including trade relations, of PH and the UK on the sideline of his trip. (KSAA – PIA CPSD)