Biden to Meet With Philippines’ Marcos After UN Assembly Debut

(Bloomberg) -- US President Joe Biden is planning to meet with his Philippine counterpart Ferdinand Marcos Jr. on Thursday, according to a person with knowledge of the plans, as both nations look to rebuild a longstanding alliance undermined in recent years.

This would be the first meeting between the leaders of the two countries since former president Donald Trump met with Rodrigo Duterte in Manila in 2017.

Marcos, who’s in New York for the UN General Assembly, has been on a charm offensive with his comments on keeping the US as a partner and seeking its support during a crisis. His remarks are a marked contrast to his predecessor, Duterte, who went to China in the early days of his presidency and announced a “separation” from the US.

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.

Historical Injustice

The new Philippine leader pushed for climate financing from developed nations in his first major speech before world leaders on Wednesday, urging that the “historical injustice” caused by global warming be rectified.

The Southeast Asian country is among the developing nations, responsible for just fraction of greenhouse gas emissions, who are pushing their case for more funds from industrialized countries that have prospered for more than a century.

In his address to the United Nations General Assembly in New York, Marcos called on those countries to cut their carbon emissions and provide technology transfer for climate adaptation for the most vulnerable nations.

“The effects of climate change are uneven and reflect a historical injustice,” Marcos said. “This injustice must be corrected, and those who need to do more must act now.”

Marcos said the Philippines is a net carbon sink, absorbing more than it emits but it is increasingly exposed to climate change. The Philippines is the fourth most vulnerable to floods and storms, according to Fitch Ratings’ climate change physical risk exposure heatmap rankings.

An average of 20 cyclones pass through the Philippines annually, incurring $10 billion in losses from climate-related hazards over a decade.

The Philippine leader also called for investments to modernize agriculture and ensure food security. He added that he’s looking forward to partnering with the UN and other countries to boost agricultural productivity, which is among his campaign pledges.

Marcos’s new government is facing economic challenges including food shortages and above-target inflation, as the world reels from the impact of Russia’s invasion of Ukraine and the pandemic’s lingering effects. The late dictator’s son has made the rare move of helming the agriculture department, as he pushes for food security.

Marcos Jr.’s Big Promises to Philippines Face Economic Reality

Still, the Philippine economy is expected to grow above 6% this year, in line with its pre-pandemic level as businesses reopen from strict pandemic restrictions. Marcos’s economic team is aiming for economic growth of at least 6.5% annually through 2028.

(Updates with Biden planning to meet with Marcos)

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