US President Joe Biden with President Ferdinand R. Marcos Jr. during the bilateral meeting at the oval office of the White House in Washington D.C. on May 1, 2023. Kj Rosales, PPA/pool

MANILA — President Ferdinand Marcos, Jr. on Monday said US President Joe Biden's withdrawal from the White House race was a "demonstration of genuine statesmanship."

• Biden drops out of 2024 election, endorses Harris

"President Biden's decision to withdraw from his candidacy is a demonstration of genuine statesmanship... We wish him well for the rest of his presidency and for all his future endeavors," Marcos said in a statement posted on X.

Marcos also thanked Biden for "his constant and unwavering support for the Philippines in a delicate and difficult time."

• World leaders pay tribute to Biden as he ends reelection bid

Biden announced he was dropping out of the US presidential elections on early morning Monday, Manila time, following mounting pressure from the Democratic party. 

• Who could replace Biden if he withdraws from race?

Biden endorsed Vice President Kamala Harris as the Democratic Party's new nominee.