Countertrade between RP, Laos pushed

Philippine Ambassador to Laos Antonio Cabangon Chua is eyeing a countertrade agreement between Laos and the Philippines to improve trade between the two countries.

Chua said that the Philippines can export to Laos Philippine-made jeepneys and other commodities in exchange for timber and precious gems which Laos has in abundance.

He said a countertrade program would not result in a depletion of hard currency for both countries and would even foster a "vigorous two-way trade."

Chua, who built the ALC group of companies that range from hotels and memorial gardens to banks and moviehouses, said that a countertrade program would benefit both countries in terms of job creation.

The Philippine envoy to Laos had earlier reported to President Arroyo the trade possibilities between the two countries after arriving froma three-month familiarization swing of that country. He expects to return to Laos before the end of the month.

According to Chua, the country can tap the design expertise of its jewelry makers, especially from Bulacan, to add on to the export value of the precious and semi-precious gems that could form part of the countertrade arrangement.

He said the countertrade plan he envisions would mean increased export receipts without the need for precious foreign currency.

"The Philippines can export its jeepneys to Laos, which has a mountainous terrain, for which it gets the precious gems that could later on be turned into export jewelry items," Chua said.

Chua said that Philippine International Trading Corp. chairman Antonio Abad will go to Laos to firm up the countertrade arrangements.