MANILA - House Speaker Ferdinand Martin Romualdez has lauded the recent bilateral meeting between President Ferdinand R. Marcos Jr. and US Vice President Kamala Harris as a strong affirmation of the US-Philippines alliance. The meeting, which took place ahead of the 2023 Asia Pacific Cooperation Summit in San Francisco, California, is seen as significant in bolstering both security and economic ties between the two nations.
According to Philippines News Agency, the meeting's critical achievement was the reaffirmation of a shared commitment to upholding international rules, especially concerning the South China Sea. He emphasized the importance of such high-level engagements in promoting the Philippines' national interest. Romualdez pointed out that the meeting between Marcos and Harris showcased a united front in promoting a rules-based order and safeguarding the rights of nations in the region. Additionally, the meeting opened avenues for expanded commercial and economic cooperation. A White House readout of the meeting announced a new partnership under the International Technology Security and Innovation (ITSI) Fund, created by the CHIPS Act of 2022, to grow and diversify the global semiconductor ecosystem. President Marcos assured the Semiconductor Industry Association (SIA) in the US of the Philippines' readiness to collaborate, particularly in relation to the CHIPS Act and President Biden's executive order on supply chain resilience. Romualdez highlighted the potential benefits of US investment in the Philippine semiconductor sector, including job creation, revenue generation, and technological advancement. He noted that the Philippines, already a significant player in the electronics global value chain and electronic manufacturing services, is an attractive investment destination for American semiconductor businesses.