By Othel V. Campos
US Embassy deputy chief of mission Heather Variava said the Philippines would benefit from the US-led Indo-Pacific Economic Framework for Prosperity.
Variava said in the recently-concluded 48th Philippine Business Conference and Expo that among the IPEF proposed agreements is one on digital standards that would pave the way for digital investments in the Indo-Pacific region.
“This is particularly important for countries like the Philippines, which has strong intellectual property safeguards and large information technology sectors,” Bariava said.
She said another important facet of the framework outside of market access is inclusivity which would allow Indo-Pacific Economic Framework for Prosperity to negotiate for agreements while developing specific concrete projects to advance theobjective of promoting inclusive and sustainable economic growth.
“In the coming months, you can expect to see some announcements of projects here in the Philippines that will directly support our bilateral engagement with the Indo-Pacific Economic Framework,” Variava said.
IPEF will be instrumental in helping the Philippines improve and expand its supply chain, as the country has the potential to become a critical node in the global supply chain for semiconductors and is one of the world’s top producers of nickel, a critical mineral used in battery and electronics manufacturing.
Variava underscored the positive impact of IPEF to Filipino workers and their families benefitting from a range of areas under the four pillars of trade, supply chains, clean economy and fair economy.
“Through IPEF, we aim to promote supply chain resilience and attract investments that support the industrial base for semiconductors and battery manufacturing. These high-quality investments are about more than money or minerals,” she said.
“These investments create good, high-paying jobs that build communities and commercial ecosystems in areas where we invest. Second, in the fair economy pillar, we expect Philippine fiscal situation to benefit from improved tax collection and transparency, which directly benefits Filipino workers and families,” Variava said.
She said that in terms of resiliency and given how the Philippines is vulnerable to many typhoons, the framework sees the country benefiting from regional efforts with IPEF development partners to bolster resilience to climate change and natural disasters, as part of the clean economy pillar.
IPEF intends to work with the Philippines and other partner nations on tackling corruption to improve the investment climate and boost flows of commerce, she said.
“The goal of the Indo-Pacific economic framework is to chart a path forward with our partners and allies in the region to create economic opportunity, improve labor conditions and promote sustainability for all of our economies,” Variava said.