An employee counts U.S. dollar bills before changing it to Philippine Pesos inside a money changer in Manila September 19, 2013. The Philippine central bank said remittances from overseas Filipino workers (OFWs) have allowed households to save money, boosting the country’s savings rate.(MNS Photo)
MANILA, Apr 28 (Mabuhay) — A deeper relationship between the US and the Philippines is key to Manila’s goal of inclusive growth and overall stability in Asia, the National Economic and Development Authority (NEDA) said Monday.
“The affirmation and re-affirmation between the two governments of their common and long-term economic and social interests toward prosperity are very important,” Economic Planning Secretary Arsenio M. Balisacan said in a statement Monday in time for US President Barack Obama’s state visit to the Philippines.
He said the Philippines has strong economic linkages with the world’s largest economy in terms of trade, finance, overseas Filipino employment and remittances, and foreign direct investments.
Apart from that, the two economies have more common institutions than any other country in the Asian region.
“Our commercial, educational, legal, public institutions, and even language, have much in common between the two countries. This is why it is natural that we find common interests in development,” Balisacan, who is concurrently NEDA director-general, added.
Last year, the US was the Philippines’ second largest trading partner, with total trade amounting to $14.5 billion.
It has also remained as one of the major sources of cash remittances by Filipinos overseas from 2007 to 2013.
Balisacan said the US also recognizes that the Philippines requires substantial resources to realize its development goals.
“Their government’s assistance to the country in forms of partnership for growth is contributing quite significantly to the whole process of complementation of our development resources,” he said.
The US plays a key role in Asia’s geopolitical stability, which will remain strong in the years to come.
“For us here in the Philippines, geopolitical stability is a key driver of growth. We need stability in the years to come for us to be able join the ranks of more advanced economies,” Balisacan noted.
“That’s why we need good relationships and partnerships with other governments. The US sending the signal that it is here in Asia for the long haul will help bring that stability,” he said. (MNS)