The Philippine-Mexico Business Council (PMBC) with the support of the Department of Trade and Industry (DTI) and in coordination with the Philippine Embassy in Mexico recently conducted a trade mission to Mexico.
The aim of the trade mission was to explore opportunities and enhance the relationship in trade, investments, and tourism between the two countries.
Members of the delegation included Juan Carlos del Rosario, Ambassador Jose Macario Laurel IV, Edgardo Reyes, Renato Ledesma, Visitation Costa, Evie Goco, Helen Ong, Amalita Aquino, and DTI Commercial Attaché Josephine Romero.
Trade and Industry Secretary Peter B. Favila welcomed PMBC’s initiatives noting that the business sector has always been at the forefront in implementing trade and economic initiatives with the country’s trading partners.
The trade mission succeeded in pursuing a possible reciprocal State Visit by President Vicente Fox of Mexico to the Philippines in time with the Association of Asia Pacific Economic Cooperation (APEC) meeting in November 2006 in Vietnam.
Likewise, the trade mission was able to push for RP-Mexico bilateral meetings during the APEC meetings in November 2006 in Vietnam.
The trade mission was also able to initiate an exchange of data and information through "doing business seminars" to be conducted with Mexican, Chilean, and Peruvian resource speakers during the ASEAN Business Advisory Council (ABAC) meeting in August 2006 in Cebu.
The exchange of data and information would allow the Philippines to use the data base of Mexican companies interested in doing business in the Philippines.
The trade mission was also able to conduct studies to determine the opportunities in the sectors of shipbuilding, maritime education, and tourism.
Another accomplishment of the trade mission was the follow through on the interests of Bancomext’s interests on opportunities in the mining sector.
Total trade between the Philippines and Mexico reached $157.37 million in 2005, with Philippine exports to Mexico amounting to $125.14 million in 2005, and imports reaching $32.23 million. The Philippines enjoy a positive balance of trade of $92.91 million.
The main export products of the Philippines to Mexico include electronic products (67.64 percent), garments (14.24 percent), and machinery and transport (5.99 percent).
Imports from Mexico on the other hand consists of electronics (39.22 percent), chemicals (23.02 percent), and food products (7.60 percent).