RP, Syria sign economic agreement

MANILA, Philippines - The Philippines and Syria have signed an economic agreement that will promote cooperation in tourism, information technology, housing and construction, and micro, small and medium enterprises (MSME), the Department of Trade and Industry (DTI) reported.

Likewise, two government-to-government agreements were concluded aimed to strengthen trade and economic collaboration and to protect and promote investments during the second Philippines-Syria Senior Officials and Ministerial Meeting held recently.

Trade Secretary Peter B. Favila noted that to expand and strengthen bilateral ties in the spirit of friendship and pursuit of mutual interests and benefits and economic cooperation topped the agenda of the bilateral meeting.

Leading the Philippines for the ministerial meeting was Favila while Deputy Prime Minister for Economic Affairs Abdullah Dardari headed the Syrian delegation.

Favila and Syrian Deputy Prime Minister Dardari signed four government-to-government memoranda of understanding (MOU) and two bilateral agreements.

The MOU on tourism provides for the development of tourism and as avenue for exchange and sharing of culture and history.

The MOU on one-town-one-product (OTOP) promotion and MSME development adopts the OTOP business model to flourish trade and industry in the MSME sector. OTOP is a priority project that aims to promote local entrepreneurship and job creation by highlighting the diversity and distinctiveness of every municipality through the development and promotion of handcrafted product or services.