US, PHL Strengthen Economic Ties

The US and the Philippines have agreed to further strengthen their economic cooperation, US President Barack Obama said as he congratulated President Benigno S. Aquino III for his efforts to reform the Philippine bureaucracy.

“I congratulated President Aquino on the reforms that he has pursued to make the Philippines more competitive through our partnership for growth and our Millennium Challenge Cooperation compact,” Obama said during a joint press conference held in Malacañang on Monday.

“We are going to keep working together to support these efforts so that more Filipinos can share in this nation’s economic progress because growth has to be broad-based and it has to be inclusive,” he added.

Obama said he and President Aquino discussed the steps so that the Philippines could position itself for the Trans-Pacific Partnership (TPP). He said he encouraged the Philippine leader to seize the opportunity by opening the next phase of economic reform and growth.

Obama announced that he is sending US Commerce Secretary Penny Pritzker to lead a delegation of American business leaders to the Philippines this June to explore new opportunities in the country.

The American leader also renewed the US’ commitment to help the Philippines address the devastating effects of climate change and make its communities less vulnerable to extreme storms like Typhoon Yolanda.

Obama expressed his gratitude to President Aquino for his generous hospitality, saying that the friendship between the two countries has become deeper because of the contributions and patriotism of millions of proud Filipino-Americans.

He also praised the vibrant democracy in the Philippines, which he said reflects the desire of its citizens to live in freedom and to have their universal rights upheld.