Moscow
25 May 2017
(PNA)

Philippine business delegations here were able to bag around USD 875 million (appx. PHP 44 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.

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.

Department of Trade and Industry (DTI) Secretary Ramon Lopez has assured Russian businessmen that it is “business as usual” in the Philippines despite the martial law declaration of President Rodrigo Duterte in Mindanao.

During the Philippine-Russia Business Forum at the Four Seasons Hotel here, Lopez said the situation in Mindanao is under control.

“It’s business as usual in the Philippines,” he told businessmen attending the forum.

Moreover, the DTI chief presented in the business forum the ‘Dutertenomics’ or the socioeconomic agenda of the Duterte administration which aims to improve the quality of life of the Filipinos, address inequality, and reduce poverty in the country.

The Philippines business delegation is composed of businessmen in sectors of construction, infrastructure, logistics, power, entertainment, information technology and services, among others.