The Philippines is open for business!

These were the captivating words of Trade Secretary Fred Pascual to Indonesian business owners, after joining President Ferdinand Marcos Jr., in his first state visit to Jakarta on Monday, among other members of the Marcos administration's economic team.

Bilateral relations between Indonesia and the Philippines have been flourishing, posting a total value of trade in 2021 at $9.5 billion, comprising $8.6 billion worth of exports and $1.2 billion of imports.

"The Philippines and Indonesia share strong historical, cultural, and economic ties. Despite the hurdles brought by the pandemic and other global challenges, our respective countries are building back better," according to Pascual.

"Our improved growth trajectories provide us with an opportunity to support each other. In particular, the Philippine economy is projected to grow in 2022 to at least 6.5 percent, an increase from the Asian Development Bank's initial April forecast of 6 percent," he said during the roundtable meeting with Indonesian CEOs, COOs and owners at the Bogor Presidential Palace, Bogor City, West Java Province.

Secure farm inputs

Economist-lawmaker Joey Salceda expressed optimism that part of President Marcos' trip to Indonesia will include government-to-government discussions on procuring urea from Indonesia to support Filipino farmers.

Edjen Oliquino