MANILA -- The United States is an essential strategic trading and investment ally of the Philippines, President Ferdinand R. Marcos Jr. said on Monday.

“I have emphasized this before, and I will say it again: the United States is an essential strategic trading and investment ally for the Philippines,” President Marcos said in his remarks during the call of US government and Presidential Trade and Investment Mission (PTIM) delegations in Malacanang.

President Marcos stressed that an economically-strong Philippines is a “formidable ally of the US. “In the coming months, I hope that we will be able to see our shared commitments come to fruition, driving robust economic growth because after all, an economically strong Philippines is a formidable ally.”

According to the President, the mission’s arrival marks the fulfillment of US President Joe Biden’s commitment during his visit to Washington, D.C. in May 2023. Biden had pledged to send a high-level presidential delegation to the Philippines to enhance investment and trade relations between the two nations.

The US ranked last year as the Philippines’s third (out of 230) trading partner, first (out of 230) export market, and fifth (out of 230) import source.

In the same period, total bilateral merchandise trade amounted to US$19.96 billion, with exports valued at US$11.54 billion and imports at US$8.41 billion.

The US is the fourth largest source of foreign direct investment (FDI) for the Philippines.

The country’s top commodity exports to U.S. in 2023 include Digital monolithic integrated circuits; Ignition wiring sets and other wiring sets for vehicles, aircraft or ships; semiconductor devices; static converters (e.g. rectifiers); and input or output units. (PND)