President Rodrigo Duterte signed 10 business agreements worth $12.57 million—or P649.86 million in Saturday’s currency exchange rate—with Russia as he assured Russian investors the Philippine government would protect their investments.
Duterte, who is returning home today after a five-day visit to Moscow, also thanked Russian President Vladimir Putin for supporting the Philippines that strengthened bilateral relations.
He also expressed his appreciation to the Russian businessmen for their ”strong vote of confidence” in the Philippine economy.
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“We are one of the fastest-growing economies in Asia and the second fastest in the ASEAN. Our economic advantage lies on the strength of our young workforce—population. Our macroeconomic fundamentals remain strong,” he said.
He added: “We invite because we feel that investors have shown a strong trust and confidence in my administration with record-breaking investments. We invite our Russian friends to invest and do more business in the Philippines.
“The Philippines’ robust economy is attracting investors every year. Our growth rate is steady and going strong. Our national or annual GDP growth rate was positive for 82 consecutive quarters.
“With strong resolve and commitment, I am confident that our economic ties will continue to prosper to its full potential. The new business agreements forged today will bring closer to us in our goal.
“Let me assure you that your investments are assured of gains and protection in my country.”
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Trade Secretary Ramon Lopez said the 10 business deals were just the beginning of the improvement of the Philippines-Russia ties despite it generating a small amount of about $12 million to $15 million only.
The total trade between the Philippines and Russia reached $1.36 billion, and that Philippine exports to Russia also reached $86 million last year.
“This year, this upward trajectory continues. This indicates promising ties between our economies at an even higher level,” the President said.
“I personally thank President Vladimir Putin and Prime Minister Dmitry Medvedev for this, knowing this will create more jobs for the Filipinos,” he added.
The business agreements signed are the following: Cooperation on information exchange and collaboration on business development aimed at the promotion of trade and investment between the Philippines and Russia, members of Russia-ASEAN Business Council, and Philippine companies (Memorandum of Understanding);
Exchange of information on investment environment and opportunities; attract and support foreign investments in both the Philippines and Russia; encourage interested local companies in setting up or expanding their businesses; and organize business missions, workshops, other bilateral investments promotion activities (Memorandum of Intent);
Intention to jointly explore the prospects of cooperation in the construction of nuclear power plants in the Philippines (Memorandum of Intent);
Century Pacific Food, Inc. will supply tuna and sardine products to Magnit Food Retail Chain to serve the Russian market (Memorandum of Understanding);
Century Pacific Food, Inc. will supply tuna and sardine products to Dalimo to serve the Russian market (Memorandum of Understanding);
Century Pacific Food, Inc. will supply tuna and sardine products to LLC Dalpromryba to serve the Russian market (Memorandum of Understanding);
Century Pacific Agricultural Ventures Inc., will supply coconut milk products to Panasia Impex Co. Ltd. to serve the Russian market (Memorandum of Understanding);
Appointment of Lifetruck International Incorporated as the exclusive sole distributor for the distribution, promotion, and sale of Sturmanskie watches in Philippines (Distributorship Agreement);
Appointment of Lifetruck International Incorporated as the exclusive sole distributor for the distribution, promotion, and sale of Kamaz vehicles in the Philippines (Distributorship Agreement);
Promotion, distribution, and selling of IPP-NLS technologies, particularly Metatron Micro MRI Systems and its variations in the Philippines (Memorandum of Agreement).
Presidential Spokesman Salvador Panelo, who accompanied the President during the visit, said the President was received “warmly by Russia’s top business leaders and industry captains.”
Panelo thanked Russia’s leaders “for revitalizing the two countries’ bilateral relations, which are now bearing fruit.”
Panelo said the President cited two Philippine fishery establishments which gained accreditation to export to Russia and other Eurasian markets and which created livelihood opportunities for Filipinos.
The President also invited Russian businessmen to invest in the Philippines “and offered them fiscal and non-fiscal incentives.”
One sector Duterte cited, according to Panelo, was one which formed “an important part in the Build, Build, Build Infrastructure Program of this administration—transport and railway construction sector, which Russia has high expertise on.”
