Duterte considers Russia priority, investment market for PH

October 6, 2019

President Rodrigo Duterte considers Russia as a priority and investment market for the Philippines, according to Malacanang on Saturday.

This as 10 business agreements worth $12.570 million were signed during Duterte's five-day visit to Russia.

“During the (business) forum, President Duterte mentioned that Russia is a priority and investment market for the Philippines and acknowledged that the presence of Russian business groups during the event is a strong vote of confidence in the Philippines,” Panelo said.

He said the President thanked Russia’s national leadership for revitalizing the two countries’ bilateral relations, which are now bearing fruit.

“PRRD cited two Philippine fishery establishments which gained accreditation to export to Russia and other Eurasian markets and which created livelihood opportunities for Filipinos,” he said.

The President also invited Russian businessmen to invest in the Philippines and offered them fiscal and non-fiscal incentives.

In the his speech, Duterte cited Build, Build, Build Infrastructure Program, particularly on transport and railway where Russia could participate into due to its expertise on the said sector.

Meanwhile, the 10 Philippines-Russian Federation business agreements that were signed during Duterte's visit to Moscow were one Memorandum of Agreement, five Memoranda of Understanding, two Memoranda of Intent, and two Distributorship Agreements.

“These business agreements cover a wide range of areas, from cooperation of information exchange and collaboration on business development to exchange of information on investment environment and opportunities, from intention to jointly explore the prospects of cooperation in the construction of nuclear power plants to supplying tuna and sardine products and coconut products to the Russian market, as well as distribution, promotion and sale of Russian-made watches, vehicles, and IPP-NLS (medical) technologies in the Philippines,” Panelo said.

According to Cabinet Secretary Karlo Nograles, three out of five MOUs were signed between Philippine tuna producers and their Russian counterparts that will pave the way for greater business opportunities for the country’s 400 million-dollar tuna industry.

 “The trip of the President was very productive, and this agreement is one of many that will benefit Philippine business interests, especially those that are based in Mindanao,” Nograles said.

“Russia has the sixth largest economy in the world and a population of 146 million people, so the potential is there. The Philippine tuna industry will profit immensely if we are able to maximize our entry into the Russian market, and one of the immediate beneficiaries will be Mindanao,” he said. Ella Dionisio/DMS