Malaysia explores trade, capital deals

Malaysia’s government and the Department of Finance (DoF) started talks on strengthening trade and investments between the two countries.

In a Facebook post on Thursday, the DoF said Secretary Ralph Recto and Malaysian Ambassador to the Philippines Dato’ Abdul Malik Melvin Castelino discussed these matters last Monday, 10 June.

DoF has yet to release further details on the economic partnership.

However, DoF said Recto sees “much potential” in the country’s partnership with Malaysia which is the country’s 11th export market.

“Both sides also agreed on working together in identifying key areas where the Philippines and Malaysia can synergize,” DoF added.

Priority areas defined

In July last year, President Ferdinand Marcos Jr. visited Malaysia where he discussed with King Al-Sultan Abdullah the priority areas the two countries can improve, including food, tourism, digital technology, Halal industry, and Islamic banking.

Philippine exports already increased in Malaysia and other Southeast Asian countries in April this year, following the signing of tariff commitments under the Regional Comprehensive Economic Partnership (RCEP) by Marcos in May last year.

Data from the Philippine Statistics Authority showed the country exported goods to RCEP member-states worth $2.9 billion in April, up from $2.5 billion recorded in the same month last year.