Romualdez told CNA’s Asia First: “Obviously, the special relations that we have with the United States on our defence alliance is an important part of this whole equation.
“However, like I said, it is still not a completely done deal as pointed out, because we still have time to be able to look into possibilities of bringing it lower.”
In terms of how Manila’s security cooperation with Washington influenced the economic terms of the deal, as well as the meeting between Trump and Marcos, Romualdez noted that both countries have inked several security agreements with commercial components.
“The US Congress had just approved that an ammunition manufacturing facility will be established in the Philippines. That … will create jobs,” he said.
“This is the kind of agreement that we’re looking at, that will combine both defence and economic (aspects). But we made it very clear that whatever it is, economic prosperity for the Philippines means economic security, and it will also mean more resources for us to be able to bump up or modernise our armed forces.”
With the Philippines facing intense pressure from China in the contested South China Sea, Marcos has pivoted closer to the US, expanding its access to Philippine military bases.
Both nations have a seven-decade-old mutual defence treaty and hold dozens of annual exercises.
Romualdez also said the Philippines will continue to reach out to other countries, including China.
