CEBU, Philippines — The Embassy of Hungary in the Philippines, led by Ambassador Titanilla Tóth, has expressed interest in strengthening its connection with Cebu, particularly in the business sector.
Noting Cebu’s vast potential for attracting investments, Ambassador Tóth underscored opportunities for Cebuanos to expand their business ventures into Hungary.
During her recent visit to Cebu, Ambassador Tóth invited key members of the local business community, including Cebu Chamber of Commerce and Industry (CCCI) president Jay Y. Yuvallos and Philippine Chamber of Commerce and Industry (PCCI-Visayas) area vice president Melanie Ng, to actively participate in the newly established Philippine-Hungary Business Council.
The council has already facilitated a trade mission in 2023, enabling 24 Philippine companies to explore opportunities in Hungary.
“We would like to have closer cooperation on meat importation because Hungarian quality meat is highly marketable. I’d love to see real Hungarian sausage made from Hungarian pork and paprika,” Tóth said during an interview at a networking and cultural event hosted by Hungarian Honorary Consul to Visayas Joy Benedicto-Tan. The event also celebrated the 50th anniversary of diplomatic relations between Hungary and the Philippines.
Ambassador Tóth emphasized Hungary’s thriving economic environment, characterized by its strategic location in Central Europe, a competitive labor market, and investor-friendly policies.
She pointed out that Filipino businesses could benefit from collaborating with Hungarian counterparts, particularly in sectors like agriculture, manufacturing, and technology.
Hungary has shown interest in the Philippines’ rich agricultural products, particularly mangoes and other tropical fruits, which have significant growth potential in the Hungarian market.
Ambassador Tóth also stressed that Cebuano businesses could explore export opportunities, expand their presence in the tourism sector, and tap into employment opportunities in Hungary.
With over 12,000 Overseas Filipino Workers (OFWs) already employed in Hungary, mostly in manufacturing and automotive industries, the demand for skilled labor continues to grow.
Ambassador Tóth noted that Hungary is actively seeking workers for its industrial sectors and emphasized Cebu’s potential as a source of talent.
The Ambassador also highlighted Hungary’s tourism potential, encouraging Filipinos to explore its renowned Christmas markets, culinary tours, and wine festivals.
She noted Cebu’s appeal to Hungarian tourists, particularly for its world-class diving spots and pristine beaches. Travel between Cebu and Budapest is now more accessible through one-stop flights via major hubs such as Doha and Istanbul.
The Department of Trade and Industry reported that total merchandise trade between the Philippines and Hungary reached US$189.84 million in 2022, marking a steady increase since the temporary decline in 2020 due to the pandemic.
Among the 27 European Union member states, Hungary ranked as the Philippines’ seventh top export market and 15th top GSP+ export market in 2022.
The Philippines is looking to leverage Hungary’s expertise in agriculture, information and communication technologies, digital solutions, and water management.
Meanwhile, Hungary has expressed interest in the Philippines’ renewable energy, green metals, electric vehicle manufacturing, and high-tech light manufacturing industries.
With the Philippine-Hungary Business Council serving as a bridge, both countries aim to deepen their economic partnership and create mutually beneficial opportunities for growth and collaboration. — (FREEMAN)