The Center for Strategic and International Studies (CSIS) suggested the creation of a comprehensive database of Philippine-U.S. trade, particularly investments, to further boost the economic ties of both nations.
CSIS Southeast Asia Program research associate Japhet Quitzon said there is a need to develop a comprehensive database on the US investments resulting in employment advantages in the country.
“The impact on Filipinos on the ground here in the Philippines is underreported. And that leaves online false narratives increasing,” he said in his presentation at the Edsa Shangri-La Hotel in Mandaluyong City.
He underscored the need to address current challenges in transparency, consistency of US-Philippines foreign investment data, lack of or limited assessment on the impacts of US investments, minimal visits from US business leaders, investment concentration or oversaturation in Luzon, and bureaucratic red tape, among others.
Based on the study, the quantitative and qualitative effects of the Philippines-US economic ties are not “well-documented,” making the long-standing partnership susceptible to disinformation or mischaracterization of the US to stir public opinion.
“Without any intervention in this phase, the United States can be portrayed as uninterested or unable to fulfill its economic responsibilities and partnerships with the Philippines,” Quitzon said.
The study showed that the Philippines has competitive investment areas in agriculture, renewable energy, Information Technology—business Process Management (IT-BPM), and semiconductors and electronics.
Besides creating a comprehensive database, the CSIS also recommended collating US and Philippine data in a single platform with a standard unit of measure: the Philippine Economic Zone Authority (PEZA) and the Philippine Statistics Authority (PSA)’s data aggregation of incoming investments; and expanding online presence to counter fake news.
Likewise, the CSIS recommended boosting and sustaining person-to-person exchanges regardless of the US government’s administration and further expanding investments in areas outside Metro Manila, including Cebu and Davao.
The critical economic developments between the Philippines and the US include the Indo-Pacific Framework, the Luzon Economic Corridor, the 123 Agreement, the Development Finance Corporation, the Presidential Trade and Investment Mission, and the Enhanced Defense Cooperation Agreement (EDCA).
From 2013 to 2024, the US invested around $3.6 billion in the Philippines, ranking fifth among the country’s foreign direct investments (FDI).
Regarding trade, the PH-US exchange of goods and services was pegged at $36.1 billion in 2022 alone, with $12.8 billion worth of exports to the Philippines and $23.3 billion in imports to the US.