MAKATI – Trade Secretary Ramon Lopez discussed trade and investment opportunities with the Turkey-Philippines Business Council on 18 June. Sec. Lopez updated the group on recent economic developments such as the Philippines’ (PH) improved BBB+ credit rating from Standard & Poor and pending bills to liberalize public utilities and retail trade.
The Secretary also presented opportunities and complementation between the PH and Turkey on energy, textiles, food, agriculture, tourism, pharmaceuticals, agriculture, construction, and consumer electronics. He added that engaging with Turkey is in line with the Duterte administration’s thrust to pursue non-traditional trading partners to reinvigorate ties and increase trade.
The delegation was led by Turkey-Philippines Business Council President İlkem Şahin and includes representatives from the Istanbul Chamber of Commerce, Foreign Economic Relations Board of Turkey (DEİK), and 11 companies on food, energy, construction, cosmetics, and tourism. Mr. Şahin shared that 2018 was a record-breaking year for PH-Turkey relations and they hope to further strengthen the ties between the two countries.
Turkish Ambassador to the Philippines Artemiz Sümer commended President Rodrigo Duterte’s Build Build Build infrastructure program and said that PH is the most dynamic economy in the Asian region.
DTI Undersecretary Ceferino Rodolfo visited Istanbul on 3 to 6 April 2019 for a series of roundtable meetings with the Ministry of Trade, DEİK, and the Turkish Auto Industry Association. During his visit, Usec. Rodolfo expressed PH’s interest to undertake a preferential trade agreement with Turkey, given the size and strength of the Turkish economy.
The two countries are celebrating 70 years of trade relations since the Treaty of Friendship in 1949. In 2018, Turkey was the Philippines' 42nd trading partner with a total trade of US$ 209.58 million, 44th export market at US$ 46.62 million, and 38th import supplier at US$ 162.96 million.
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