Launched in May 2022, the Indo-Pacific Economic Framework (IPEF) is an economic initiative led by the United States together with 13 other countries, including the Philippines. Altogether, the 14 countries "represent 40% of global GDP and 28% of global goods and services trade." The Framework aims to "offer tangible benefits that fuel economic activity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers across the region." It consists of four key pillars, namely: trade, supply chains, clean economy, and fair economy.
The IPEF partner countries have released Ministerial Statements on the four pillars. The Statement on supply chains outlined the commitments of the IPEF partners to realize their "collective goal of resilient supply chains that can anticipate, withstand, or rapidly recover from shocks" such as increasing resiliency and investment in critical sectors and goods, establishing an information-sharing and crisis response mechanism, and strengthening supply chain logistics, among others.
With the COVID-19 pandemic disrupting and exposing the fragility of global supply chains and geopolitical tensions further worsening the problem, it is now more vital than ever to have a plan of action that will strengthen global supply chain resilience and help stabilize the global economic outlook.
As part of its Indo-Pacific Economic Framework series, The Trade & Investment and Manufacturing Committees of AmCham, in partnership with Microsoft Philippines, will be holding an onsite event at the Aboitiz Tech Space with its Venue Partner, the Asian Institute of Management. The Chamber has invited Ms. Corazon Curay, Executive Director of the Supply Chain Management Association of the Philippines (SCMAP), to talk about the current situation of global and local supply chains and the possible opportunities presented by IPEF to strengthen supply chain resilience in the country. The program will also feature Dr. Danilo Lachica, President of the Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI), to discuss the status of semiconductor and electronics supply chains and how IPEF could contribute to ensuring stable production and export of Philippine semiconductor and electronics products. The session will also hear from Mr. Saj Kumar, Regional Business Leader for Manufacturing and Supply Chain at Microsoft Asia who will react to the presentations given by our speakers.