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PSAC, Millenium meeting bolsters US-Philippines economic ties

PSAC economic collaboration between the US and the Philippines
Private Sector Advisory Council (PSAC) strategic convenor Sabin M. Aboitiz and PSAC leads engage in discussions with Millennium Challenge Corporation CEO Alice Albright, reinforcing economic collaboration between the US and the Philippines

A significant gathering took place recently, underscoring the shared commitment to enhancing economic ties between the United States and the Philippines. Millennium Challenge Corporation (MCC) CEO Alice Albright, in a meeting with the strategic convenor of the Private Sector Advisory Council (PSAC) Sabin M. Aboitiz and PSAC leads Henry Aguda and Irwin Lee, reaffirmed their dedication to fostering economic growth and poverty reduction through collaborative endeavors between governments and the private sector.

The MCC, recognized for its time-limited grants aimed at promoting economic growth and institutional strengthening in partner countries, expressed a keen interest in deepening engagement with both the Philippine government and the private sector. CEO Alice Albright emphasized the significance of comprehending and addressing the primary challenges faced by the nation, marking the beginning of an earnest listening process.

Sabin M. Aboitiz, lead convenor of the PSAC and Aboitiz Group president and CEO, echoed the sentiment of collaboration and consultation as vital elements for progress. President Marcos’ establishment of the PSAC reflects a proactive approach to directly engage with the private sector across diverse areas, including Agriculture, Digital Infrastructure, Healthcare, Infrastructure, Jobs, and Tourism.

“This ongoing dialogue with the private sector underscores the government’s commitment to actively listen and address critical needs,” remarked Aboitiz, emphasizing the importance of sustained engagement throughout the year.

During the meeting, MCC Philippine director Sarah Olmstead stressed the significance of working closely with Philippine counterparts to identify key policy areas for support. Olmstead highlighted the collaborative nature of their objectives, aiming to empower local leadership in driving impactful change.

Accompanying Albright was US Embassy Deputy Chief of Mission Y. Robert Ewing, who emphasized the substantial economic partnership between the US and the Philippines. Ewing underlined the need to redirect attention towards the economic fundamentals of this relationship, emphasizing the significance of corporate sector engagements in alignment with President Marcos’ reform agenda.

PSAC economic collaboration between the US and the Philippines
In photo from left to right, PSAC Secretariat Lead and Aboitiz Chief External Relations Officer DJ Sta Ana, Millennium Challenge Corporation (MCC) Progress Officer Sarah Olmstead, PSAC Secretariat Lead and Aboitiz Chief of Staff Gie Polanco, MCC CEO Alice Albright, PSAC Lead Convenor and Aboitiz Group President and CEO Sabin Aboitiz, Deputy Chief of Mission Y Robert Ewing, PSAC Digital Infrastructure Lead and UnionDigital Bank President and CEO Henry Aguda

PSAC members, including Digital Infrastructure lead Henry Aguda and Agriculture Sector representative Irwin Lee, were active participants in the meeting, further enriching the dialogue on key economic priorities and collaborative initiatives.

The productive exchange between the MCC delegation and PSAC leads signal a renewed commitment to advancing economic prosperity and cooperation between the United States and the Philippines.


About Private Sector Advisory Council

The Private Sector Advisory Council (PSAC) has been established strategically by President Ferdinand Bongbong Marcos Jr to create and strengthen innovative new synergies between the private and public sectors. PSAC comprises business leaders and experts across six main sectoral groups — Agriculture, Digital Infrastructure, Jobs, Healthcare, Build-Build-Build, and Tourism.

The Council helps the government deliver on its commitment to transform the Philippine economy by implementing robust infrastructure programs, creating more jobs and attracting more investors, digitizing processes, and improving agricultural productivity through the recalibration of micro, small and medium enterprises (MSMEs), jumpstart Philippine Tourism and ensuring an equitable, sustainable, and inclusive business landscape for Filipinos.

PSAC will continuously recommend modern policy development to the government and report regularly to the President to provide feedback and adjust recommendations based on what is happening on the ground.

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