The Biden Buy-in – What this means for Philippine Business

Trump has finally left the oval office, spelling the start of a new regime. The changes are likely to be drastic, economic and business ramifications especially. While the previous administration stood by an “America First” policy, initiating a damaging trade war with China, the Biden administration is set on improving and repairing multilateral relations that were damaged and threatened over the past four years.

America has been tested, and we’ve come out stronger for it. We will repair our alliances and engage with the world once again. Not to meet yesterday’s challenges, but today’s and tomorrow’s challenges. And we’ll lead, not merely by the example of our power, but by the power of our example.

– President Biden.

One of his first moves as President was re-entering the Paris climate accords.

Adherence to multilateral agreements like the WTO (World Trade Organization), climate agreement, and WHO, to mention a few, will make the world economy less risky, less volatile, and more stable plus additional stimulus spending by the Biden administration will help boost global recovery. The Philippines will benefit from all these.

– Finance Undersecretary Gil Betran

The timing of the planned $1.9 TRILLION stimulus package should bode well for Filipino exporters, as the United States is the number one destination for exported goods in the country. Overall, this should provide a much welcome and needed economic boost to the country, while helping to reassure investors both local and foreign that a stable market exists.

This bodes well for a return to openness to international trade and investment andwill undoubtedly redound to our mutual benefit.

– Finance Secretary Carlos G. Dominguez III

Is everything cherries and roses from here on out? Of course not, as the country still reels from the effects of the Covid-19 pandemic. However, this does provide some measure of certainty and security and could signal the beginning of a great economic comeback.