Russian businessmen urged to invest in Philippines

MANILA, Philippines — The Philippines is inviting Russian investors to explore business opportunities in the country as the two nations aim to strengthen their economic cooperation.

During the Philippines- Russia Business Forum held earlier this week, Trade Undersecretary and Board of Investments (BOI) managing head Ceferino Rodolfo provided a comprehensive overview of the Philippine macroeconomic landscape, emphasizing robust economic growth and foreign direct investments, and highlighting the country’s strategic advantages.

“The Philippines is positioned as the regional hub in Southeast Asia for smart and sustainable manufacturing and services, using market-based tools that empower the private sectors. That goal is attainable through our country’s foremost and strongest advantage, which is the Filipino workforce. Russian investors stand to gain in investing in the Philippines, with Filipinos as the backbone of their operations,” Rodolfo said.

He added that the Philippines presented numerous investment opportunities, including mineral processing, electric vehicle manufacturing, infrastructure development and pharmaceuticals.

Russian Federation Ministry of Industry and Trade Deputy Minister Alexey Gruzdev expressed Russia’s commitment to international obligations and its intention to satisfy demand while supplying goods and services to partners.

He emphasized that Russia views trade as a two-way collaboration, recognizing that it is not only about delivering goods but also purchasing them from partner countries.

This includes the sharing of expertise, experience and knowledge; offering specialized training, after-sales support and maintenance services, and the establishment of service centers.

Gruzdev also highlighted the importance of the Philippines as a priority partner for the Russian government, expressing hope that the 3rd Philippines-Russian Federation Joint Commission on Trade and Economic Cooperation (JCTEC) discussions would successfully address issues crucial to business collaboration.

Rodolfo reiterated the Philippine government’s resolve to improve the country’s investment climate, and invited Russian companies to participate in its economic transformation.

The Philippines-Russia Business Forum brought together representatives from the Russian and Philippine private sector to discuss the growing trade relations and foster mutually beneficial partnerships.

The event was conducted on the sidelines of the JCTEC.