Marcos: Are we ready for the US presidential election?

PHILIPPINES, November 2 - Press Release
November 1, 2024

ARE WE READY FOR THE US PRESIDENTIAL ELECTION?

"The Philippines should prepare for the impact of the U.S. elections on the Philippines and the world," Chair of the Senate Committee on Foreign Relations, Senator Imee R. Marcos emphasized. She noted that U.S. policies on immigration, investments, and defense could undergo rapid and significant shifts following the 2024 presidential elections.

With nearly 4.5 million Filipino Americans living in the United States, including both U.S. citizens and residents of Filipino origin, Senator Marcos emphasized the need for a peaceful and orderly electoral process. She stated, "The political and economic stability of the U.S. is integral to world economic stability," highlighting the Philippines' responsibility to protect its economy and citizens. She noted that any U.S. president will naturally prioritize American interests, underscoring the importance of vigilance in safeguarding the Philippines' own interests.

She said that stricter U.S. immigration policies could lead to the deportation of thousands of undocumented Filipinos, while efforts to bring American companies back onshore may decrease direct investments and reduce BPO jobs in the country.

The senator also expressed concern that, even under the current U.S. "friend-shoring" policy, the Marcos administration has continued to miss out on major foreign investments. Consequently, the manufacturing sector in the Mactan Export Processing Zone and other ecozones has been "languishing."

Earlier this year, American multinational consumer goods corporation Procter & Gamble announced plans to invest USD 100 million to expand its factory production in Vietnam. Meanwhile, Microsoft revealed plans for investments in artificial intelligence and cloud facilities worth USD 1.7 billion in Indonesia, and Google committed USD 1 billion to Thailand for building a data center and accelerating AI growth. The Philippines, however, missed out on these major foreign investments, raising concerns over the country's competitiveness in attracting multinational corporations.

"Aside from boosting domestic demand, we must also attract investments into the country and revive our manufacturing sector. To do that, we must make our country attractive to investors by bringing down the power cost and making it easier for them to avail the incentives that we are currently offering," Marcos added.

On the topic of defense, Marcos maintained that it is unclear whether the next U.S. president will continue the aggressive expansion of U.S. military presence in the Philippines and maintain the current level of defense funding assistance. According to Senator Marcos, given this uncertainty, the government should fully implement the Self-Reliant Defense Posture Revitalization Act as soon as possible for the country to be capable of fending for itself.