Russia to hike volume of Philippine imports

LIMA, Peru — Russia is expected to hike significantly the value of goods it would import from the Philippines and to cooperate with the Philippine government in tourism, infrastructure, energy and agriculture, a Cabinet official said Monday.

 

Trade Secretary Ramon Lopez said Russia has committed to increase the value of its imports from the Philippines to $2.5 billion (about P124.17 billion) from about $46 million (about P2.28 billion) for a year. 

 

“They are saying immediately… they can easily bring up the imports from the Philippines to the tune of about $2.5 billion,” Lopez told reporters in a press briefing here.  

 

Lopez said Russia imports agricultural products and beer from the Philippines. 

 

“I think on fruits and other products, they (Russia) can easily bring up (the volume),” the trade chief said.  

 

“We can only look up, I mean, nowhere to go but up because it’s really a relationship that offers a lot of opportunities because before, almost nothing happened when it comes to trade and investment with Russia,” he added. 

 

Total trade between the Philippines and Russia amounted to $422 million last year.

 

President Rodrigo Duterte and Russian President Vladimir Putin met here Sunday (Manila time) to discuss ways to boost the ties between Manila and Moscow. 

 

The meeting was an opportunity for Duterte to express his sentiments on the alleged bullying of smaller nations by western countries and his desire to forge closer ties with Russia.

 

Lopez said the Philippines and Russia would also explore possible cooperation in energy, infrastructure including railways and port facilities, machine engineering, hardware, agriculture, culture and tourism. 

 

He said Russia also vowed to work with the Philippines in addressing terrorism and illegal drugs, law enforcement, education and finance.