Albay Rep. Joey Salceda on Sunday lauded the commitment of United States of America President Joe Biden for sending a trade and investment mission to the Philippines.
“I welcome President Biden’s Trade and Investment Mission to the country, with his Commerce Secretary heading the mission, as a demonstration of the US’s commitment that it must back its promises of friendship with real economic opportunities for the Filipino people,” he said.
“This is the first of its kind and is top-level, headed by the US President’s own Commerce Secretary,” Salceda said.
Such is also a direct result of President Marcos’ “assiduous cultivation” of stronger US-Philippine ties, the Bicol solon noted.
“I am particularly encouraged by its offer of financing the Mindanao Railway Project through the Development Finance Corporation, the US’s agency for supporting projects in developing countries. Segments of the Philippine National Railways’ South Long Haul project to Bicol are also potential investment areas,” he noted.
“What is advantageous about the Development Finance Corp. as a financing source is that it was designed to revitalize the US’s presence in Official Development Assistance financing — and is therefore allowed to make deeply concessional financing in its 2018 charter. That includes equity investments and loans in local currencies,” he added.
The US’s renewed role in promoting prosperity in the Philippines is a vital aspect of common security interests, Salceda stressed.
“US investment and trade in areas, such as aerospace and defense, pharmaceuticals, transport and energy, where their money usually comes with know-how and technology, is most welcome,” he noted.