Board of Investments (BOI) and Trade Undersecretary Ceferino Rodolfo underscored the Philippines’ stable macro-economic fundamentals to encourage Russian companies to invest in the country.
Rodolfo emphasized the country’s robust economic growth and strategic advantages during the Philippine-Russia Business Forum Wednesday at the Makati Diamond Residences.
“The Philippines is positioned as the regional hub in Southeast Asia for smart and sustainable manufacturing and services, using market-based tools that empower the private sectors. That goal is attainable through our country’s foremost and strongest advantage which is the Filipino workforce. Russian investors stand to gain in investing in the Philippines with Filipinos as the backbone of its operations,” he said.
He said the Philippines presented numerous investment opportunities in mineral processing, electric vehicle manufacturing, infrastructure development and pharmaceuticals.
Russian Federation Ministry of Industry and Trade deputy minister Alexey Gruzdev said Russia is committed to performing its international obligations to satisfy demand while supplying goods and services to trade partners.
Russia sees trade as a two-way collaboration that includes sharing of expertise, experience and knowledge, offering specialized training, after-sales support, maintenance services, and the establishment of service centers, he said.
The Russian deputy minister also underscored the importance of the Philippines as a priority partner for the Russia and expressed hope the Philippines-Russia Joint Commission on Trade and Economic Cooperation (JCTEC) discussions would successfully address issues crucial to business collaboration.
The forum was a side event to the 3rd Philippines-Russian Federation JCTEC.
The JCTEC is a mechanism to improve bilateral economic relations between the Philippines and Russia. Areas identified for bilateral collaboration were trade and investment promotion, industry development, labor, higher education, agriculture, energy, transport, atomic and space exploration.