The National Economic and Development Authority (NEDA) underscored the importance of good relationships and partnerships between the Philippines and other countries in attaining the government ‘s goal of achieving inclusive growth.
“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 to join the rank of more advanced economies. That’s why we need good relationships and partnerships with other governments,” Economic Planning Secretary Arsenio Balisacan said on Monday.
Balisacan, who is also the NEDA director general, particularly highlighted the contribution of the United States in the country’s economic strength and development.
“Overall, the Philippines has strong linkages with the USA in many areas of the economy such as trade, finance, overseas Filipino employment and remittances, foreign direct investments, among others,” he said.
The NEDA chief added that the two economies have been getting increasingly interlinked; the two countries have more common institutions than any other countries 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,” said Balisacan.
In 2013, the US was ranked as the second largest trading partner of the Philippines, with total trade amounting to $14.5 billion.
Moreover, the US remained as one of the major sources of cash remittances by overseas Filipinos from 2007 to 2013. Last year, cash remittances by overseas Filipinos totaled $23 billion, up 7.4 percent from 2012.
Balisacan said the US 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, adding that the affirmation and reaffirmation between the two governments of their common and long-term economic and social interests toward prosperity are very important.
The Cabinet official also highlighted the US’ significant role in the Asian region, which he said will remain strong in the years to come.
“The US, sending the signal that it is here in Asia for the long haul, will help bring that stability,” Balisacan added.