Finance Secretary Ralph G. Recto engaged in a bilateral meeting with United States Department of State Under Secretary for Economic Growth, Energy, and Environment Jose W. Fernandez to discuss areas for strategic partnerships and closer cooperation in matters of common concern, including strengthening economic resiliency.
Under Secretary Fernandez highlighted specific areas of interest for the US, particularly critical minerals, semiconductors, and energy security. In response, Secretary Recto expressed a strong willingness to collaborate on the said areas, emphasizing the important role of the US as an anchor for potential investments in the country that could signal increased attention from other global investors.
Secretary Recto also urged the US to strengthen its trade partnership with the Philippines to diversify supply chains and enhance economic resilience. He reassured the US officials of the Philippine government’s strong resolve to address investor concerns, such as high electricity costs, through initiatives like the proposed amendments to the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) and other streamlined processes to ease the conduct of business in the country.
Joining Under Secretary Fernandez were US Ambassador to the Philippines MaryKay Carlson, US State Department Special Assistants Laura Russ and CJ Johnson, and key officials from the US Embassy in Manila.
Secretary Recto was joined by Chief of Staff and Department of Finance (DOF) Undersecretary Alu Dorotan Tiuseco; DOF Undersecretary Maria Edita Z. Tan; Department of Trade and Industry (DTI) Undersecretary Allan Gepty; Department of Foreign Affairs (DFA) Assistant Secretary Jose Victor Chan-Gonzaga; National Security Council (NSC) Assistant Secretary Ma. Carmina B. Acuña; Board of Investments (BOI) Executive Director Evariste M. Cagatan; Department of Agriculture (DA) Director Jerome Bunyi; Department of Energy (DOE) Director Michael Sinocruz; and Department of Information and Communications Technology (DICT) Director Maria Victoria Castro.