Visiting Malaysia traders book P2.2B in PH sales
Malaysian companies were able to book some $50.6 million (roughly P2.2 billion) in sales in a single day during a trade and investment mission to the Philippines held last May, signaling a potential boost in bilateral trade between the two countries.
Of the total sales, the bulk came from the area of information and communication technology (ICT), generating some $34.6 million for Malaysian companies, a statement from the Trade Office of the Malaysian Embassy in Manila (Matrade Manila) showed.
The mission, which was led by Malaysian Trade Minister Dato Sri’ Mustapa Mohamed, saw a gathering of 18 Malaysian companies and 12 Malaysian officials along with 63 Philippine companies.
Also, the meeting between the Philippine-Malaysia Business Council (PMBC) and local private sector companies was attended by 97 businessmen from the two countries.
“This is the biggest delegation we have for trade. We came up with 120 business matchings with a total of $50.6 million generated sales in a day. It’s very encouraging, and so it is a must for us to celebrate your kind support,” Mohamed said.
Businessmen from the Philippines and Malaysia are also anticipating increased investments and economic activities in Mindanao, following the signing of the Bangsamoro Peace Agreement. This early, investors are looking to set up a terminal in Sabah for the export of products to the Philippines, and to invest in rubber plantation and rubber products processing.
Companies from both countries have reportedly agreed to further enhance and develop more shipping and logistics service for the export of fresh fruits and products from the Philippines to Malaysia, Matrade Manila added.
Calls were also made to further develop the Brunei-Indonesia-Malaysia-Philippines East Asia growth areas (BIMP- EAGA) for better connectivity and inclusive growth in the area.
During an appreciation dinner held Thursday, Mohamed awarded plaques of appreciation to Philippine organizations led by Philippine Chamber of Commerce and Industry Inc. (PCCI) for their “invaluable support and active participation” during the trade and investment mission in May.
“We appreciate your kind support. Without your presence, without your kind assistance, I don’t believe that we will be able to make a successful program,” Mohamed said.
Apart from PCCI, the other recipients were the Federation of Filipino Chinese Chambers of Commerce and Industry (FFCCCII); Makati Business Club (MBC); Malaysian Association of the Philippines (MAP); ANVIL Business Club; and Federation of Electrical and Electronics Suppliers and Manufacturers of the Philippines.
Malaysian trade with the Philippines already started to show signs of recovery as exports to the country grew by 27 percent to $1.2 billion in the first four months of the year, from the $954 million recorded a year ago.
As of end-2013, total bilateral trade between Malaysia and the Philippines stood at $4.47 billion.
Malaysian exports to the Philippines, comprising mainly of electrical and electronics products, chemicals, and processed food, fell by 12.5 percent to $2.965 billion.
Imports, comprising mainly of electrical and electronics products, processed food, crude rubber and refined petroleum products, similarly fell 3.1 percent to $1.505 billion. Amy R. Remo
