PHL Bags PHP44-B B2B Deals in Russia

Philippine business delegations here were able to bag around USD 875 million or about PHP44 billion worth of business-to-business (B2B) deals, Trade Secretary Ramon Lopez said Thursday.

“A number would be in the areas of iron and steel, transport, agri-business, multi-purpose vehicles, power, energy, property development, transport and construction,” Lopez added.

Over 200 Philippine-based businessmen are here in Russia for business fora in Moscow and St. Petersburg. The business event is on the sidelines of the official visit of President Rodrigo Duterte here.

President Duterte is supposed to meet the businessmen here, however, he had to cut his trip short after declaring martial law in Mindanao.

But Lopez will meet the businessmen and will also present the “Dutertenomics” at the business fora.

The trade chief added that he will reiterate to the business community that the developments in Mindanao, particularly in Marawi City, will not affect business in the country.

“We have to deliver the message that business will continue and isolated lawless violence like the one that happened in Marawi shall be quickly suppressed,” Lopez said in a previous statement.

“The economic breakout and the robust growth momentum of the country will not be affected. Economic growth that brings more jobs and income opportunities for the Filipinos, especially in the countryside, will continue,” he added.

Aside from B2B deals, the trade chief signed two agreements in Moscow with his Russian counterpart.

These bilateral documents include Memorandum of Intent between the Department of Trade and Industry and the Ministry of Economic Development to foster mutually beneficial trade and investment cooperation, and the Memorandum of Understanding on Cooperation in Industry Development to strengthen the industries of both countries by subcontracting to certain industries and sharing of technology. (PNA)