U.S. President Joe Biden will be meeting his Philippine counterpart Ferdinand Marcos Jr on Thursday, according to a report in Bloomberg. Marcos is in New York for the United Nations General Assembly.
What Happened: At their first meeting, the two leaders will look to rebuild the longstanding alliance between the countries undermined in recent years, a person with knowledge of the plans told the publication.
This also comes as the first meeting between the top leaders of both countries since former U.S. President Donald Trump met Marcos' predecessor, Rodrigo Duterte, in Manila in 2017.
Why It's Important: Marcos, whose views are a marked contrast to his predecessor Duterte, is looking to keep the U.S. as a partner and seeking its support during a crisis.
Duterte had visited China in the early days of his presidency and announced a “separation” from the U.S., souring ties between the two countries.
Marcos also followed suit shortly after winning the elections in May, when he called Xi Jinping the country's “strongest partner” in dealing with the COVID-19 pandemic and said the government was open to talks with Beijing on oil exploration in the disputed area.
However, the Philippines has recently been ramping up protests against Beijing over a territorial dispute in the South China Sea.
Meanwhile, at the U.N. General Assembly, Marcos called for climate financing from developed nations.
“The effects of climate change are uneven and reflect a historical injustice,” he said. “This injustice must be corrected, and those who need to do more must act now,” he added.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.