“The benefits for concluding an FTA, together with critical minerals agreement between both our countries, will be transformative and will create new jobs, strengthen supply chains, establish new businesses, and upskill our workforce,” the president said.

Marcos also urged the US Congress to expedite the revival of the Generalised System of Preferences (GSP).

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“We appeal to the US Congress to fast-track the reauthorisation of the US GSP programme which has benefited beneficiary countries such as the Philippines,” he was quoted as saying by a Philippine news agency.

He noted that the department of trade and industry’s-board of investments approved PHP 1.26 trillion worth of investment projects in 2023, higher by 73 per cent compared to the PHP 729 billion registered in 2022.

Marcos assured US investors of breakthrough policy reforms in his country to attract more foreign participation in domestic businesses.

The United States was Philippines’ fourth largest source of FDIs and third top trading partner in 2023.

Philippine ambassador to the United States Jose Manuel Romualdez had earlier said his country is eyeing an FTA with the latter on cyberspace and digital technology, part of the two nations’ renewed interest to further enhance trade and economic cooperation.

Fibre2Fashion News Desk (DS)