The Philippines’ strong economic growth, foreign direct investments, and strategic advantages were highlighted at the recent Philippine-Russia Business Forum, according to the Board of Investments (BOI).
The forum, which took place during the 3rd Philippines-Russian Federation Joint Commission on Trade and Economic Cooperation, brought together Russian and Philippine private sector representatives to discuss trade relations, economic prospects, and collaborative opportunities between the two nations.
In his welcome remarks, Ceferino Rodolfo, Trade Undersecretary and BOI Managing Head, presented an overview of the Philippine macroeconomic landscape, emphasizing robust economic growth and foreign direct investments. Rodolfo also highlighted the country’s strategic advantages, particularly its Filipino workforce.
“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,” said Rodolfo. He added that Russian investors can benefit from investing in the Philippines with Filipinos as the backbone of operations.
Rodolfo further noted that the Philippines offers numerous investment opportunities in industries such as mineral processing, electric vehicle manufacturing, infrastructure development, and pharmaceuticals. He also highlighted the government’s ongoing efforts to liberalize the economic climate and permit up to 100 percent foreign ownership.
Russian Federation Ministry of Industry and Trade Deputy Minister Alexey Gruzdev echoed the commitment to international obligations and emphasized Russia’s intention to satisfy demand while supplying goods and services to partners. He emphasized that trade is a two-way collaboration, involving the sharing of expertise, experience, and knowledge.
Gruzdev recognized the Philippines as a significant partner for the Russian government and expressed optimism that the JCTEC discussions would effectively address business collaboration issues.
Rodolfo concluded by reiterating the Philippine government’s commitment to enhancing the investment climate and inviting Russian companies to participate in the country’s economic transformation.
The Philippines-Russia Business Forum saw the participation of over 160 Russian and Philippine business delegations from sectors including agriculture, transport, logistics, chemicals, mining, pharma, tourism, steel, metal, energy, and IT solutions.
