150 private companies join Phl delegation for Russia visit

Manila is set to sign various business agreements during Duterte’s visit to Moscow, including the sale of local canned fish and coconut products, and the distributorship of lifestyle products and healthcare systems.

It’s off to Moscow this week for 150 Filipino businessmen who intend to increase bilateral trade between Russia and the Philippines.

A Philippine delegation comprised of more than 150 companies will tag along President Rodrigo Duterte in his visit to Russia from 1 to 5 October.

The Department of Trade and Industry (DTI) said the delegation will meet with possible Russian counterparts in line with Russia’s goal of expanding economic cooperation with the Philippines.

“The Philippines welcomes the interest of Russia to pursue economic cooperation engagements with the government and our business sector. We are optimistic that this good bilateral relationship between the two countries would drive investment, trade and jobs,” DTI Secretary Ramon Lopez said.

In a meeting with Russian Deputy Minister of Industry and Trade Aleksey Gruzdev and Russian business executives on 25 September, Lopez opened opportunities for collaboration between the countries in industries pharmaceutical, medical and vehicle manufacturing.

Russian firms, on the other hand, earlier on expressed interest in airport infrastructure, aviation, shipbuilding, railways, satellite navigation system, waste water management and power sectors.

Gruzdev, who was also co-chair of the joint Russia-Philippines Commission on Trade and Economic Cooperation held Wednesday this week, said they were studying the government’s infrastructure program, “Build, Build, Build” to also diversify trade between the two countries.

Moreover, Manila is also set to sign various business agreements during Duterte’s visit to Moscow, including the sale of local canned fish and coconut products, and the distributorship of lifestyle products and healthcare systems.

In a press briefing on 25 September, Russian Ambassador to the Philippines Igor Khovaev also said Russia is “committed to increase (the Philippines’) defense capabilities” through the supply of sophisticated arms, staff training and other possible forms of contribution to enhance the country’s defense industry.

However, the official did not disclose whether the countries will sign any agreement for such purposes during Duterte’s visit.

Data from the DTI showed that bilateral trade between Russia and the Philippines amounted to $1.36 billion in 2018, or 0.74 percent of the Philippines’ total trade with the world. Imports from Russia amounted to $1.26 billion.

On the other hand, the country’s exports to Russia totaled $86.07 million, some $17.12 million of which were food products, including desiccated coconuts, other fruits, nuts and bananas were among the top food export products.

Gruzdev said Russia mostly exported mineral products, metal and metal products such as steel as well as electronic products.

Duterte’s second meeting with Russian President Vladimir Putin in Russia will come after his first visit in May 2017 was cut short. The president had to fly back to the Philippines immediately amid attacks by local terrorist groups in Marawi City, Mindanao.