Nurture economy, US Treasury exec urges PH

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US Assistant Secretary for International Markets and Development Marisa Lago PHOTO FROM TREASURY.GOV

MANILA, Philippines—A United States Treasury official has commended the Philippines’ recent strong economic showing, and encouraged the government to sustain the momentum by nurturing a business environment conducive to investment.

Marisa Lago, assistant secretary for international markets and development at the US Department of the Treasury, was in Manila this week for high-level talks with Philippine economic and finance officials aimed at enhancing the longstanding cooperation between the two countries.

“Strong economic leadership in the Philippines is helping to ensure that the reform momentum is sustained,” Lago said in a statement.

“The Philippines has an exceptional opportunity to sustain robust growth by attracting higher levels of foreign direct investment,” she added.

Lago met with top government officials, including Finance Secretary Cesar Purisima, Bangko Sentral Gov. Amando Tetangco and other senior economic officials. She also met with business leaders and US Ambassador Harry Thomas.

“These meetings focused on the government’s economic reform agenda, recent macroeconomic developments, and the Aquino administration’s vision to further economic growth. During these meetings, Assistant Secretary Lago also reaffirmed [the US] Treasury’s support for the Partnership for Growth, including assistance by [the] Treasury’s Office of Technical Assistance,” the US Embassy said in a statement.

Partnership for Growth is a US Department of State program that seeks to promote closer coordination between the US and selected partner countries through “joint analysis of constraints to growth, the development of joint action plans to address these constraints, and high-level mutual accountability for implementation.”

Lago also visited the Asian Development Bank (ADB) headquarters here and met with the bank’s officials including president Takehiko Nakao and executive director Ambassador Robert M. Orr.

She also visited ADB-assisted community programs in Cavite and observed the government’s implementation of the conditional cash transfer program.

Lago was en route to Indonesia for the Asia-Pacific Economic Cooperation (Apec) finance ministers meeting ahead of the Apec Leaders Summit scheduled on Oct. 6 to 8.

Her visit coincided with the arrival this week of representatives from 14 US environment and energy firms, the largest US trade mission to come to Manila in years. The trade delegation was scheduled to be in Manila on Sept. 19 and 20.

The Philippines and the US have maintained steady trade ties in the last century, with total bilateral trade volume estimated at $22 billion in 2011.

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  • jpastor

    Akala ko sasabihin ni Purisima kay Lago na Assistant Sec ka lang, nasaan boss mo…. “:o) … biro lang akala ko si Tolentino kasama sa meeting!

  • User Guest

    lol as the u.s. pillages and plunders our people and resources

    • crazy_horse_101010

      lol your screwed up its china doing it remember how many american poachers are there here bashe. r who is stealing the minerals and black sands racist.. and what people are plundered chinese lover. LOL TO YOU HATER

      • TruthHurts

        There’s not much difference between both. Investors are after profits and not society’s well-being, so let’s be wary of both.

        To be fair, at least the Americans pay Filipinos a little better than the Chinese. That’s the only consolation I would give them.

        But on the whole, it’s about time Filipinos take over the direction of the country and establish itself as a respectable republic with strong systems and a bankable future.

      • crazy_horse_101010

        im american and i pay my help more than the flipinos here do and dont make has many demands on them. and i have american friends the same way that is why people like working for us i have never pillaged or plundered anyone in my life.. and who are the investors when you have the 60 40 law which screws foreigners. i for one have had a partner that screwed me in a business that i owned, and so any business i do now is with my wife . if a foreigner goes to court he never wins period a friend of mind just spent 300000 pisos and 3 years to find that out the hard way . he gave up a no win situation. so clean your own sty before insulting others. and have you heard of the long nose tax where foreigners pay 3 or more times for services and items than filipinos. we all have to pay it and filipnos make jokes about it. it is part of living here i you dont have a filipino wife it is harder .

      • go88

        Did your partner screw just you or Wifey too :)? Nasty business partner :). You forgot the relatives. Please tell us what happened to your joint business with them!!!! hahahahahahaha

      • crazy_horse_101010

        HAWHAWHAW THE LITTLE COMMIE COWARD GETTING BRAVE giving 33spam knobjobs give some balls , no never happen you are a little pissy pants chicken that exists by lying to every one and for my business since when is it of yours azzwipe how is the screwing with you new boy commie? getting a lot of butt reaming since all you have is a inverted penis?. BRING IT ON COMRADE WE SHALL DANCE HEEHEEHEEHEE CHINESE COMMIE FILIPNO HATING LYING PIECE OF CRAP HAWHAWHAW MORON BYE BYE BYE. GOB 22. WHAT HAPPENED YOU USUALLY WAIT UNTIL 2 IN THE MORING TO ATTACK GOT YOUR HOURS MIXED UP BABY DOUCHEBAG HEEHEEHEE

    • go88

      The Bell Trade Act of 1946, also known as the Philippine Trade Act, was an act passed by the United States Congress specifying the economic conditions governing the independence of the Philippines from the United States.

      The United States Congress offered $800 million for post World War II rebuilding funds if the Bell Trade Act was ratified by Philippine legislature, which duly approved the measure on July 2, two days before independence from the United States of America.
      The Bell Trade Act linked the Philippine economy to the United States economy in several ways:
      A system of preferential tariffs was established, undermining control over imports and exports by the Philippine government;
      The Philippine currency, the peso, was pegged to the US dollar;
      The Philippine government was obligated not to place restrictions on currency transfers from the Philippines to the United States;
      A “parity” clause granted U.S. citizens and corporations equal access with Philippine citizens to Philippine minerals, forests and other natural resources, despite provisions in the Philippine constitution (1935) to the contrary which the act required to be amended.

      Filipino nationalists denounced the Bell Trade Act. Even the reliably pro-American Philippine President Sergio Osmeña called it a “curtailment of Philippine sovereignty, virtual nullification of Philippine independence.” In 1955, nine years after passage of the Bell Trade Act, a revised United States-Philippine Trade Agreement (the Laurel–Langley Agreement) was negotiated to replace it. This treaty abolished the United States authority to control the exchange rate of the peso, made parity privileges reciprocal, extended the sugar quota, and extended the time period for the reduction of other quotas and for the progressive application of tariffs on Philippine goods exported to the United States.

      • crazy_horse_101010

        BLAH BLAH BLAH MORE CHINESE COMMIE LIES AGAIN still trying to brainwash everyone who is smarter that you where is the rest of the members of the 50m cent club hiding comarde. who cares about your cut and pastes that you received from mainland china. you keep trying dont you . even though most people in these forums hate you because of your lies go back and hide under 33spams skirts commie he is waiting for you since you have a 10 inch tongue.HAWHAWHAWHAW MORON

      • ConcernedCitizenPh

        Google the actual export and import figures of our trade with the US so you will find out how the trade balance has always been in the Philippines favor with our exports always more than our imports. You may also want to check the huge trade imbalance with China where our exports is only a fraction of what we import.

    • ConcernedCitizenPh

      As if the Philippines is the one that has been giving and giving and the US is the one receiving and receiving all the time

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