Department of Finance (DoF) Secretary Ralph Recto and Turkish Ambassador Niyazi Evren Akyol recently discussed ways to boost investments and trade between the two countries, including additional flight routes to the Philippines.

“As both nations mark 75 years of diplomatic ties this year, the Ambassador highlighted the significance of the Philippine market for Turkey’s tourism sector, expressing a keen interest in expanding flight routes to the Philippines,” DoF said.

DoT data on Turkish tourists

Data from the Department of Tourism showed that Turkish tourists visiting the Philippines have increased by 36 percent to 5,777 in the first seven months of the year from the same period in 2023.

However, Turkish visitors accounted for only 0.22 percent of all foreign tourists to the Philippines during the period, compared to Turkey’s neighbors like Saudi Arabians with 0.35 percent and Russians with 0.43 percent.

The United Nations Tourism said the Russia-Ukraine war generally encourages Asian residents to travel to countries other than those two as such race is “more risk averse.”

Turkey is mostly located in West Asia as only about three percent of its area lies in Southeast Europe.

In terms of trade of goods, the Philippines mostly exported more products in June to China, other Southeast Asian countries, and Russia based on the Philippine Statistics Authority.

Double taxation

Apart from tourism, the DoF said Secretary Recto vowed to resolve issues on double taxation and value-added tax refunds.

Double taxation occurs when a country imposes tax on dividend income gained by stockholders in a company based in another country, and on income of corporations also operating in another country. It also happens when countries impose different rates on income gained from the same source.

“Secretary Recto also expressed his support for Turkey’s bid to become a regional member of the Asian Development Bank,” the DoF said.