The Philippines and U.S. see great momentum
in trade and security relations in 2023

24 January 2023 — Enhanced security and trade cooperation were priorities highlighted by U.S. Ambassador to the Philippines MaryKay Carlson at MBC’s first General Membership Meeting of 2023.

Bilateral trade between the Philippines and the U.S. hit a record of over $33 billion in 2022. “Economic relations between countries are not determined by governments alone. Governments like to take credit for things like trade and investment, but the fact is, our countries would not have either without the private sector,” said Ambassador Carlson.

U.S. Embassy Counsellor for Economic Affairs Chip Gamble said the U.S. is ready to work with President Ferdinand Marcos, Jr. and local government units to reduce red tape and help U.S. companies expand their operations in the Philippine market. 

Multiple trade missions are in the pipeline this year to further promote investment opportunities, including the SelectUSA Investment Summit in May which Ambassador Carlson invited MBC members to join.

Many USAID funded projects have also launched this year to promote bilateral cooperation in the Indo-Pacific region, including the $18 million Strengthening Private Enterprises for the Digital Economy (SPEED) project which MBC is a part of.

MBC is the secretariat of the Philippines-U.S. Business Council, chaired by MBC Trustee Ambassador Jose L. Cuisia, Jr., which aims to promote bilateral cooperation and global competitiveness. “The Indo-Pacific Economic Framework is a way we, the U.S., and other countries in the region can pursue growth and stability amid the changes and challenges posed by rapidly changing economies, climate change, and conflicts and provocations in Europe, Asia, and elsewhere,” said Ambassador Cuisia.

Ambassador Carlson said that the U.S. and Philippine government agreed to hold a series of consultations this year on a so-called “123” agreement, a U.S. requirement that prohibits any nuclear material and equipment from the U.S. to be used as weapons. “This is the first step in bringing nuclear power to help address the Philippines’ energy needs,” she added.

On maritime security, Philippine Ambassador to the U.S. Jose Manuel Romualdez said, “You will see more activities as far as our defense cooperation with the U.S. is concerned. I think we are going to have these enhanced patrols in the West Philippine Sea fairly quickly.”

The ambassadors of France, Canada, Singapore, and the Netherlands also joined the occasion.

The event was supported by MBC members Optum, Converge ICT Solutions, Oracle NetSuite, Amkor Technology Philippines Inc., Citi Philippines, Cruz Marcelo & Tenefrancia, and Jollibee Foods Corporation. See more MBC events (click here).