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Economic agency says ties with US to boost Philippine inclusive growth efforts
Publication Date : 28-04-2014
The Philippine government has stressed the importance of strengthening ties with the United States, which a top official said would play a key role in promoting inclusive growth in the country.
In a statement, made in time for US President Barack Obama’s state visit to the Philippines Monday, the National Economic Development Authority (Neda) expressed confidence that bilateral deals between Manila and Washington would be mutually beneficial.
“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,” Neda Director General and Economic Planning Secretary Arsenio M. Balisacan said.
He added that the two economies have been increasingly interlinked; the two countries 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,” he said.
In 2013, the US was ranked as the second largest trading partner of the Philippines, with total trade amounting to $14.5 billion. Moreover, it remained one fo the country's major sources of cash remittances from 2007 to 2013. Last year, total cash remittances totaled $23 billion, up by 7.4 per cent from 2012. This accounted for over 8 per cent of gross domestic product.