PHL Targets More Exports to Russia

(PNA) — The Philippines sees an opportunity to increase exports to Russia after United States put sanctions on the latter.

Philippine Chamber of Commerce and Industry (PCCI) President Alfredo M. Yao said Filipino businessmen will have a trade mission in Moscow in September this year to explore more business opportunities in Russia.

“Because of the U.S. sanctions on Russia, they now want to deal with Asia,” Yao said.

“There’s an opportunity for us to increase our exports to Russia,” he added.

Among the top interests of the country in Russia include oil and gas, food, agriculture, infrastructure development, telecommunications, tourism, manpower services, and general trade.

According to the Consulate of Russian Federation in the Philippines, bilateral trade between the two countries grew by more than 80 percent in 2010 which exceeded USD 713 million worth of trade.

Top Philippine exports to Russia include desiccated coconut, carrageenan, lighters, personal care products, and banana chips.

Both the Philippines and Russia are member economies of Asia Pacific Economic Cooperation (APEC). (PNA) JBP/KMC