Marcos embarks on US charm offensive in shift from Duterte

Bloomberg

Philippine President Ferdinand Marcos Jr. said he can’t envision his country without the US as a partner, marking his strongest statements yet on the longstanding alliance undermined by his predecessor.
Marcos, who’s in New York for the UN General Assembly, said he sees a “further strengthening” of political and economic ties with the US.
“It is very clear to me in my vision for the way that the country will move forward that I cannot see the Philippines in the future without having the United States as a partner,” Marcos said during an economic forum at the New York Stock Exchange, based on an official transcript sent to media. “When we are in crisis, we look to the United States.”
Marcos’s remarks are a marked contrast to his predecessor, Rodrigo Duterte, who went to China in the early days of his presidency and announced a “separation” from the US. Duterte also threatened to end a military deal with its former colonizer, but retained it eventually as he thanked the US for Covid-19 vaccines.
The Philippines under Marcos has been ramping up protests against Beijing over a territorial dispute in the South China Sea. However, in an early sign of balancing interests shortly after winning the elections in May, Marcos called China the nation’s “strongest partner” in pandemic recovery and said government is open to talks with Beijing on oil exploration in the disputed area.
The late dictator’s son is facing a $354 million fine for contempt of court in the US after he failed to comply with rulings on disbursing the family’s assets. However, US Deputy Secretary of State Wendy Sherman in June said Marcos has diplomatic immunity as head of state and can enter America.

‘Vibrant Economy’
During his New York Stock Exchange speech, Marcos wooed American investors as he touted the Philippines as a “vibrant economy.” The Philippines needs more “capital-intensive investment” to attain at least 6.5% economic growth annually through 2028, he said.
“Despite external headwinds, the Philippine economy’s resilience — reinforced by sound policies and decisive leadership — makes us confident about our future,” he said. The Philippines has kept its sovereign credit rating intact throughout the pandemic and is “gearing up for ‘A’ territory” ratings in the medium term.
Marcos said his administration is creating a “new investing climate” by streamlining the bureaucracy and addressing investor concerns including high power costs. The Philippine leader met with officials of US-based companies NuScale Power, WasteFuel and Boeing Co., he said in a tweet.
A broad reopening from what was among the world’s strictest pandemic lockdowns supported the recovery while challenged by rising costs of living. A surge in global commodity prices fanned inflation in a nation that imports goods from oil to wheat, aggravated by the peso’s slump to a record low this month. The central bank, which has raised the policy rate by 175 basis points so far this year, is expected to hike again on Thursday.
“In the near-term, our top priorities are protecting the purchasing power of families by managing inflation, reducing the scarring effects of the pandemic, and ensuring sound macroeconomic fundamentals,” Marcos said.