President Ferdinand “Bongbong” Marcos Jr. has brought House Speaker Martin Romualdez with him on his trip to the United States — the second time he has joined him on a foreign tour since he became chief executive.
Marcos left for the United States on Sunday September 18 to attend the 77th United Nations (UN) General Assembly in New York City.
Romualdez said he hopes the chief executive’s US visit will be as successful as his recent trips to Indonesia and Singapore, after bringing home $14.36 billion, or 804.78 billion pesos, in supply and investment pledges from businessmen there .
“I expect the US visit will bring many benefits to our country and to the more than four million Filipinos and Filipino-Americans who live or work in America,” Romualdez said.
The spokesman noted the significant investments that would come from the US, a key trade and economic cooperation partner of the Philippines.
He also cited the US as the largest source of remittances from foreign Filipino workers (OFWs) and Filipino Americans.
READ: Marcos heads to the US; will commit world leaders to ‘forge more partnerships’
“They contribute a significant part to the amount of foreign exchange that our country and economy needs every year and especially this year
we are just recovering from the crippling Covid-19 pandemic,” he stressed.
The latest Bangko Sentral ng Pilipinas (BSP) report showed that remittances from Filipinos working abroad rose 2.3 percent year-on-year to reach $3.17 billion in July, compared to July 3 $.17 billion in the same month of 2021.
The US remains the largest source of money transfers, followed by Singapore and Saudi Arabia.
The BSP said OFWs sent home a record $31.4 billion in cash transfers last year. Of that amount, 40.5 percent, or $12.7 billion, was remitted from the United States.
In the United States, Marcos will raise the issue of climate change, the rule of law and food security before 152 heads of state and officials on September 20, the first day of the UN General Assembly.
In addition to attending the UNGA, Marcos will have a working visit to New York City and will provide key messages in several business briefings aimed at “expanding and strengthening the Philippine-US trade and investment relationship and attracting potential US investors and partners,” according to the report Press Secretary Trixie Cruz-Angeles.
This is Marcos’ first official trip to the US and his first contact with the international organization since assuming the presidency last June.
SIGN UP FOR THE DAILY NEWSLETTER
CLICK HERE TO REGISTER
