US-Philippines trade value expected to surpass $33B in 2022 - Carlson

Bilateral trade between the United States and the Philippines was expected to hit record-breaking levels last year, according to US Ambassador to the Philippines MaryKay Carlson.

"While the final numbers aren’t in yet, total trade in 2022 will top $33 billion—a record," the envoy said at a recent meeting with the Makati Business Club.

Bulk or over $21 billion of the total trade were the Philippines’ exports to the US.

This, Carlson said, "will make the United States—again—the Philippines’ top export market."

Carlson described the trade between the two countries as "thriving."

She added that the US government agreed to support multiple trade missions in 2023. 

"These will bring US exporters involved in agriculture, energy, technology, and other industries to the Philippines to explore business opportunities," she said.

"In May, we will also take Philippine companies interested in investing in the United States to the SelectUSA Summit."

The SelectUSA Investment Summit, scheduled for May 1–4, 2023, in Maryland, is the US government’s top event for promoting foreign direct investment.

Carlson said that President Ferdinand Marcos Jr.'s visit to New York in September 2022 "delivered a strong message to US companies that the Philippines is open for business."

"A relatively stable peso makes the Philippines an attractive investment destination for American companies," she said.

The envoy said that an American company is planning to invest in a Philippines-based service center that will create over 1,000 jobs. 

"They credited, in their words, the ‘positive tone’ of the relationship – particularly President Marcos’ outreach – as one reason for their investment plans," Carlson said.

"Investments by US companies in the Philippines have significant economic impacts. We hear about more deals – both big and small – every week. And we also hear that warm relations are why more and more American companies are coming," she added. —VBL, GMA Integrated News