MANILA, Philippines - Trade relations between the Philippines and New Zealand have increased 6.4 percent to $553 million in 2014, bilateral discussions between President Aquino and Prime Minister John Key showed yesterday.
This was revealed by Press Secretary Herminio Coloma Jr., who was among the Cabinet members who attended the bilateral meeting at Sofitel Hotel at the sidelines of the Asia Pacific Economic Cooperation summit that was concluded yesterday.
At the same time, investments from Wellington that have already been approved by Manila’s Investment Promotion Agencies likewise “increased significantly by 71 percent in the same year.”
President Aquino also took the opportunity to thank Key for taking care of about 40,000 Filipinos there who are making “significant contribution” to New Zealand’s economic development.
“He (Aquino) welcomed the signing of the arrangement on the principles and controls on the recruitment and protection of Filipino workers in New Zealand, as this will be instrumental in ensuring the welfare of our workers,” Coloma related.
Aquino revealed the government’s plan to expand economic cooperation with New Zealand in the areas of “electronics and electrical equipment, automotive parts, IT-BPM and engineering services, and infrastructure and PPP projects.”
Likewise, Manila is launching “intensive stakeholder consultations to address potential challenges and prepare specific sectors to optimize opportunities presented by the eventual flourishing of the Trans Pacific Partnership.”
Aquino thanked Key for “extending scholarship grants to Filipinos in the field of geothermal energy, noting that these scholars are now contributing to DOE’s renewable energy development program.”
The Philippine government, likewise, appreciates Wellington’s assistance in developing the local dairy industry through the establishment of focus farms and infusion of dairy animals, hoping the project can be expanded to “bolster” the industry’s development.
Aquino thanked the New Zealand PM for their support to the country’s Disaster Risk Reduction and Management efforts through its assistance to a capacity building program for cities and municipalities (Project Rebuild) and contributions to the Red Cross.
As Aquino congratulated New Zealand’s victory (All Blacks) in the 2015 Rugby World Cup, he also looked forward to the 50th anniversary of the diplomatic relations between the two countries.
“We are happy to note that our relations have grown even stronger as we foster people-to-people interaction and economic ties,” Coloma quoted Aquino as telling Key, reiterating Manila’s commitment to the MOA concerning Aquino’s Oct. 2012 state visit to Wellington.
Aquino also thanked New Zealand for supporting the professional development of the Philippine military personnel.