Discussions Focused on Opportunities for Greater U.S. Economic Engagement in the Philippines Conclude U.S. Delegation Visit to Southeast Asia
FOR IMMEDIATE RELEASE November 23, 2020
Office of Communications (202) 565-3207
MANILA – Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed today engaged in economic discussions with senior government officials from the Philippines to affirm the strength of the U.S.-Philippines alliance and depth of the broader bilateral relationship. Chairman Reed is participating in a U.S. delegation visit to Southeast Asia led by National Security Advisor Ambassador Robert C. O’Brien.
During the visit, Chairman Reed and Ambassador O’Brien met with Secretary of Finance Carlos “Sonny” Dominguez III, Secretary of Foreign Affairs Teodoro Locsin Jr., National Security Advisor Hermogenes Esperon, Executive Secretary Salvador Medialdea, and other senior government officials. Chairman Reed underscored the ability of EXIM to finance the purchase of high-quality “Made in the USA” goods and services, including in sectors like telecommunications (5G), energy, and infrastructure for export to the Philippines.
L-R: Philippines Secretary of Foreign Affairs Locsin, EXIM Chairman Kimberly Reed, and Philippines Secretary of Finance Dominguez
During her meetings, Chairman Reed also highlighted EXIM’s Program on China and Transformational Exports, which focuses on ten key industries including 5G and wireless telecommunications, quantum computing, renewable energy, biotechnology, biomedical sciences, and water sanitation. The Program directs EXIM to provide export financing to neutralize direct export subsidies offered by the People’s Republic of China, thereby helping ensure a more level playing field for U.S. businesses and workers as they compete globally. The law charges EXIM with a goal of reserving not less than 20 percent of the agency’s total financing authority (i.e., $27 billion out of a total $135 billion) for support made pursuant to the program.
“The Philippines is the United States’ oldest ally in the region and is critical to U.S. national interests in the Indo-Pacific. I want to thank Secretary of Finance Dominguez and Secretary of Foreign Affairs Locsin for recognizing and reaffirming the important and targeted role EXIM can play when it comes to supporting trade, economic growth, prosperity, and jobs in both the Philippines and the United States,” said Chairman Reed. “EXIM remains committed to supporting the export of ‘Made in the USA’ goods and services to the Philippines and throughout the region, including through our new Program on China and Transformational Exports.”
R-L: Three senior Philippine military officers join NSA Esperon, Secretary Locsin, Ambassador O’Brien, U.S. Embassy Manila Charge d’Affaires John Law, EXIM Chairman Reed, and NSC Senior Director for Asian Affairs Allison Hooker at the Department of Foreign Affairs during a ceremonial U.S. handover of a tranche of precision-guided munitions to the Armed Forces of the Philippines. This assistance will support the Armed Forces of the Philippines’ efforts to defeat ISIS-East Asia in the Southern Philippines.
Chairman Reed also joined Ambassador O’Brien in a wreath laying ceremony at the Manila American Cemetery, which contains the largest number of graves of U.S. military who died during World War II, a total of 17,184, most of whom lost their lives in operations in New Guinea and the Philippines.
The stop in Manila concludes the U.S. Delegation’s visit to Southeast Asia, which also included two days of high-level discussions in Hanoi, Vietnam and a productive meeting with Alaska Governor Mike Dunleavy.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.