Kuala Lumpur – The Department of Trade and Industry (DTI) through the Philippine Trade and Investment Center (PTIC) Kuala Lumpur, together with the Embassy of the Republic of Philippines each signed a Memorandum of Understanding (MOU) with the Malaysian International Chamber of Commerce & Industry (MICCI) at the Philippine Embassy in Kuala Lumpur last 11 April, 2023.
The objective of the MOU is to establish a practical framework for the development of mutually beneficial business relations and cooperation between the Philippines and Malaysia, enabled by the strong collaboration of the Philippine Embassy, PTIC-Kuala Lumpur, and MICCI.
Philippine Ambassador to Malaysia Charles C. Jose, PTIC-Kuala Lumpur Commercial Counsellor Norjamin G. Delos Reyes, and MICCI President, Ms. Christina Tee were the signatories of the MOUs.
Ambassador Jose, in his welcome remarks, said that the signing of the MOU is significant for the Philippines especially the companies here in Malaysia, as there are quite a number of them doing business in the country.
“We can stand to benefit from the vast network of MICCI, its collaboration with other Chambers, and having access to relevant and timely information, which is important for businesses”, the Ambassador stated.
Further, Ambassador Jose added that “the recent visit of the Malaysian Prime Minister Anwar Ibrahim gave a very strong impetus to the economic, trade, and investment relations between the Philippines and Malaysia because the two sides identified new areas of cooperation as the two countries now move forward in the post pandemic economic recovery effort. We are hoping to work with MICCI to realize these economic objectives of strengthening our bilateral trade and investment relations.”
Ambassador Jose and MICCI President, Ms. Christina Tee, sign the MOU
MICCI, on the other hand, is optimistic about the partnership as the members look forward to potential business opportunities and expansion, and finding local partners in the Philippines, which is considered a labor-abundant country with a robust domestic market.
PTIC-KL Commercial Counsellor Norjamin Delos Reyes and MICCI President Christina Tee present the signed the MOU, with Ambassador Jose as witness
“With the recent tax reforms in the Philippines, four (4) comprehensive tax reform programs, namely the Republic Act No. 11534: Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, Republic Act No. 11647: Amendment to the Foreign Investments Act of 1991 (FIA), Republic Act No. 11595: An Act Amending the Retail Trade Liberalization Act of 2000 (R.A. 8762) (RTLA) and Republic Act No. 11659: Public Service Act (PSA), we are very optimistic that the investment climate in the Philippines continues to be attractive and favorable to foreign investors,” Commercial Counsellor Delos Reyes said.
By signing the MOU, the Philippine Embassy and PTIC-Kuala Lumpur has joined the MICCI, Malaysia’s longest-established Chamber of Commerce since 1837 and with close to a thousand active members from multinational companies, public limited companies, and SMEs.
Officials of the Philippine Embassy, PTIC-KL, and MICCI Management Team
Also present at the ceremony were Philippine Embassy Third Secretary & Vice Consul Ms. Kara Denise C. Frayco and from MICCI, Vice President Ms. Renuka Indrarajah, Board Members Mr. Lim Chong Ling and Mr. Callum Chen, General Manager Ms. Harpreet Kaur and MICCI management team.
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