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President Ferdinand R. Marcos Jr. on Saturday pushed for a bilateral free trade agreement between the Philippines and the United States to achieve economic transformation and open more job opportunities.
Philippine Ambassador to the US Jose Manuel Romualdez on Thursday said the Philippines is eyeing an FTA with the US on cyberspace and digital technology, part of the two nations’ renewed interest to further enhance trade and economic cooperation. “On the economy, I would like to share with you that for 2023, the Philippines achieved a 5.6 percent annual growth in GDP which outpaced other high-growth economies such as China, Vietnam, and Malaysia,” he said.
He noted that the Department of Trade and Industry-Board of Investments approved P1.26 trillion in investment projects in 2023, higher by 73 percent compared to the P29 billion registered in 2022. Also in 2023, Mr. Marcos pointed out that semiconductors and integrated circuits were the Philippines’ biggest exports to the US, amounting to $3.1 billion, or 23.3 percent of its total exports to the North American country.
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