10-8-2023 (MANILA) President Marcos is set to attend the forthcoming Asia-Pacific Economic Cooperation (APEC) Summit scheduled for November in San Francisco, California. The event will witness his third visit to the United States since assuming the presidency in 2022. During the summit, President Marcos is anticipated to advocate for the Philippines’ energy security interests, focusing on initiatives aimed at diversifying power sources and advancing the adoption of clean energy solutions.
The President’s previous engagements on US soil included his attendance at the 77th session of the United Nations General Assembly in New York back in September. Additionally, he undertook an official working visit to Washington from April 30 to May 4. This time, his focus shifts towards the APEC Summit, where he aims to champion his country’s energy agenda.
Speaking during a recent courtesy call by the US-ASEAN Business Council at Malacañang, President Marcos expressed his anticipation for the upcoming event. He highlighted the paramount significance of energy security within the economic landscape and underscored his nation’s interest in sustainable solutions spanning land, water, and ocean domains. These solutions, he emphasized, would be aligned with climate goals and integral to realizing the Philippines’ ambition of attaining upper-middle-income status by 2025.
President Marcos outlined his commitment to clean energy, emphasising a shift from traditional fossil fuels towards renewable sources. In this context, he voiced particular interest in the potential of nuclear energy, especially given recent advancements that enable the utilization of smaller-scale modular and advanced reactor technologies. These innovations are deemed to offer enhanced safety and efficiency compared to conventional nuclear power production methods.
Collaboration with the United States and private sector entities is envisioned to be instrumental in establishing the requisite infrastructure to support a burgeoning economy’s transition to clean and renewable energy sources. Acknowledging the complexity of this transition, President Marcos asserted the importance of a realistic approach and sustained efforts to effectuate this transformation.
The President also affirmed the Philippines’ active engagement in the Indo-Pacific Economic Framework for Prosperity and the preparatory APEC meetings leading up to the anticipated Leaders’ Summit in San Francisco.
Addressing Economic Concerns
President Marcos openly addressed concerns regarding the Philippines’ debt-to-gross domestic product (GDP) ratio, acknowledging that the current ratio of approximately 63% is a subject of scrutiny. He acknowledged that while the country fares better compared to some neighbours, the government remains committed to propelling growth as a means to address this ratio. In light of inflation challenges, the President highlighted the robustness and augmentation of the nation’s monetary policy.
President Marcos acknowledged the pivotal role of the United States as a key strategic partner in trade and investment for the Philippines. He championed the strengthening of economic ties between the two nations, emphasizing shared economic goals since he took office. He outlined priority areas such as agriculture, food security, energy security, clean energy transition, trade enhancement, supply chain resilience, connectivity, and digitalization as crucial components shaping the trajectory of the Philippines’ economic policies.
