Philippine Embassy Celebrates Successful Subic Bay Shipyard Agreements and IMF/ World Bank Spring Meetings

PH Ambassador Jose Manuel Romualdez delivers his remarks at a diplomatic reception to celebrate the robust relations between the Philippines and the United States, the recent conclusion of the agreements on the Subic Bay shipyard with US-based Cerberus Capital Management, as well as to welcome the Philippine delegations to the IMF/World Bank Spring Meetings. Also in the photo are Foreign Affairs Secretary Teodoro Locsin. Jr.; Defense Secretary Delfin Lorenzana; Finance Secretary Carlos Dominguez; Central Bank Governor Benjamin Diokno; and U.S Secretary of the Navy Carlos Del Toro.

WASHINGTON D.C. – Philippine Ambassador to the United States Jose Manuel G. Romualdez hosted a diplomatic reception on 19 April at the Philippine Embassy in Washington, D.C. to celebrate the robust relations between the Philippines and the United States and the conclusion of the agreements on the Subic Bay shipyard, and welcome the Philippine delegation to the 2022 World Bank and IMF Spring Meetings.

In his welcome remarks, Ambassador Romualdez underscored the importance of the completion of the agreements on the Subic Bay shipyard for the Philippine economy and the deepening of ties between the Philippines and the United States. 

 

“The completion of the Subic Bay shipyard will redound to benefits for the country, bring jobs to the local communities, increase economic activity, and at the same fortify our strategic security measures. Working with the United States on this project will help ensure that we are able to protect our interests not only for our country but the whole region,” Ambassador Romualdez said. 

 

He also expressed his appreciation to Philippine and U.S. government officials, as well as to officials of Cerberus Capital Management, for their support and efforts that led to the conclusion of the agreements.

 

For his part, Foreign Affairs Secretary Locsin said “with less than two months left to the Duterte administration, there is no better finale to all the work done to strengthen our ties with the United States than to see the ink on the paper of the biggest public-private partnership in the 75-year history of Philippine-US relations.” He also underscored the role played by Ambassador Romualdez to finalize the project from start to finish. 

 

Finance Secretary Carlos G. Dominguez III also expressed his appreciation to Philippine and U.S. government officials and Cerberus in initiating and completing the deal. He said that while the project was met with challenges in the early stages, these were overcome through the support of all sides. 

 

U.S. Secretary of the Navy Carlos Del Toro underscored the robust security and military cooperation between the Philippines and the United States as long-time treaty allies. He also highlighted the people-to-people ties between the two countries which have kept the relations rich and strong over the years. 

 

Mr. Steve Feinberg, Co-Founder and Co-Chief Executive Officer of Cerberus Capital Management, expressed his appreciation to the Philippine and U.S. governments for their invaluable support in ensuring the conclusion of the agreements.

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