Philippines to grow trade, investment ties with Portugal

MANILA, Philippines - The Philippines plans to grow its trade and investment ties with Portugal citing opportunities in food and beverage.

Philippine Ambassador to Portugal Philippe Lhuillier yesterday told reporters there are opportunities to grow the two countries’ trade which is “very small” at the moment.

Total trade between the Philippines and Portugal grew 12 percent to $23.67 million in 2014 from $21.13 million in 2012, with the trade balance in favor of the Philippines.

Lhuillier cited that opportunities are available in the food and beverage sector as Portugal is interested in octopus from the Philippines, while the former produces wine at reasonable prices.

While there are other opportunities to increase trade, Lhuillier said these are not being tapped as businesses in both countries as there is not much information about what the parties could offer each other.

As for investments, two Filipino companies which recently started operations in Portugal have captured the attention of Portuguese firms now interested in learning about opportunities here.

In line with the promotion of greater trade and investment ties between the two countries, delegates from Sabrosa City in Portugal have been in the country since Jan. 15 until today to meet with local officials and businesses, particularly in Cebu.

The visit follows the signing of a sister city agreement by Sabrosa City mayor Jose Manuel de Carvalho Marques and Cebu City Mayor Michael Rama in Portugal in October to provide a framework for the development of exchanges in the areas of trade as well as culture, tourism and education.

Marques told reporters Sabrosa City is committed to support the undertaking as part of the city’s larger project to establish a link among several international cities which have been part of Ferdinand Magellan’s voyage in preparation for a bigger event in 2021 to commemorate the 500th anniversary of the exploration.

Magellan who organized the Spanish expedition to the East Indies which includes the Philippines, was born in Sabrosa.

“Portuguese people know nothing about the Philippines and if we ask people in Philippines, I don’t think a lot know about Portugal… I think it is a good opportunity for us to know better,” he said.

“We have great opportunity to develop relationships including business,” he added.

Lhuillier is working to have other sister cities agreement between the Philippines and Portugal through the pairings of Manila and Lisbon, Makati and Braga as well as Dumaguete and Coimbra, to push for greater cooperation to grow trade and investments.

There is also a plan to set up a showroom in Portugal to display Philippine products as part of efforts to promote Philippine exports there.

As Portugal closed its embassy here about four to five years ago, the Philippines is requesting for its reopening here in line with the aim of promoting trade and investment opportunities between the two countries.

“We need an embassy. Embassy representing Philippines is all the way in Indonesia,” Lhuillier said.