Each sales contract is an example of a bilateral contract. A car buyer can pay the seller a certain amount of money in return for the title of the car. The seller agrees to provide the title of the vehicle against the stated sale amount. If one of the parties does not comply with the contract, a breach of contract has occurred. In this sense, virtually all of our routine daily transactions are bilateral agreements, sometimes with a signed agreement and often without one. Business contracts are almost always bilateral. Companies offer a product or service for financial compensation, so most companies are permanently entering into bilateral contracts with customers or suppliers. An employment contract in which a company promises to pay a certain rate to a candidate for the performance of certain tasks is also a bilateral contract. The main imports from the Philippines are semiconductor components and computer devices, auto parts, electrical machinery, textiles and clothing, wheat and feed feed, coconut oil and it-tech/business process outsourcing services. The main U.S. exports to the Philippines are agricultural goods, machinery, cereals, raw and semi-processed materials for semiconductor, electronics and transportation.
The two countries have a bilateral framework agreement on trade and investment, signed in 1989, and a tax treaty. There are more than 600 members in the Philippine chapter of the U.S. Chamber of Commerce, which has a national reach. From a legal point of view, this second part is not required, in a unilateral treaty, to actually accomplish the task and cannot argue as an offence, because it does not do so. If it is a bilateral treaty, both parties would have a legal obligation. The current President of the Philippines, Rodrigo, however, supports a foreign policy. The Philippines has concluded several bilateral agreements on the development of protection and training of foreign Filipino workers. As has already been said, a bilateral treaty has, by definition, reciprocal obligations. This is what differentiates them from a unilateral treaty.
U.S.-Philippine relations are based on strong historical and cultural ties and a shared commitment to democracy and human rights. The 1951 Mutual Defence Agreement between the United States and the Philippines provides a solid foundation for our strong security partnership, which began during World War II.