Marcos: Philippine-US economic ties won’t change under Trump

By Kyle Aristophere T. Atienza, Reporter

PRESIDENT Ferdinand R. Marcos, Jr. on Monday night said Philippine-US economic ties under a Donald J. Trump presidency would not change given their strong defense bond.

“I don’t think it will change,” he told reporters on the sidelines of a cruise industry event in Parañaque City. “They are our oldest treaty partner; that doesn’t change. So, I will have to see if there is a major change, but I don’t think so.”

Mr. Marcos earlier congratulated Mr. Trump on his win in the US presidential election, hoping for “unshakeable” Philippine-US ties.

He said he looked forward to working with Mr. Trump on a wide range of issues that “will yield mutual benefits to two nations with deep ties, shared beliefs, common vision, and a long history of working together.”

The US is the Philippines’ major security partner, with a 1951 Mutual Defense treaty compelling both nations to defend each other in case of an armed attack.

The US government under President Joseph R. Biden had reiterated that the treaty covers any attacks on Philippine vessels, personnel and other assets in the South China Sea and anywhere in the Pacific.

Last year, Manila gave Washington access to four more military bases under their 2015 Enhanced Defense Cooperation Agreement.

Finance Secretary Ralph G. Recto on Monday said Manila hopes it could improve ties with the US on the economic front under a Trump presidency since the two nations are security allies.

Last month, he flagged a potential “setback on multilateralism” particularly in trade, which he said has been a driver of global growth.

Mr. Trump wants to impose a 60% tariff on all Chinese goods and a 10% universal tariff.

“While the Philippine-US ties are highly likely to remain stable, the economic landscape will be shaped by global dynamics, including the US position on China,” John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said in a Facebook Messenger chat. “This may present both opportunities and challenges for the Philippines.”

On trade, decoupling trends targeting China could deepen Philippine-US economic engagement, he said, citing the Philippines’ competitive advantage in the electronics, semiconductors and outsourcing sectors.

“Stronger military cooperation can increase economic support. However, any escalation in security ties would need careful management to balance economic dependencies and regional stability.”

Meanwhile, Defense Secretary Gilberto Eduardo Gerardo “Gibo” C. Teodoro, Jr. on Tuesday said the Philippines has no expectations about what President-elect Trump would do regarding territorial disputes in the South China Sea. He issued the remarks during a visit to Canberra, the Australian capital.