The Philippine government is aiming to increase direct exports to Spain as bilateral trade with the country has reached $600 million.
A media release, quoting Finance Secretary Carlos Dominguez, said the Duterte administration is seeking to export high-value goods such as computer parts and electronics.
“Our manufacturing base here is growing and growing stronger. The fact that our currency has depreciated in the US dollar is certainly an advantage. Plus I think also our production here is quite competitive with the rest of the world,” Dominguez was quoted saying during a press briefing in Davao City with Spain’s Secretary of State for Foreign Affairs Ignacio Ybanez Rubio.
He said Philippine imports from Spain now amount to $400 million but exports are only at $200 million. Spain is the Philippines top 8 trading partner among the 28 nations under the European Union.
Dominguez said he is also hoping that the Spain, which is known for renewable energy development, would invest in the Philippines.
“The president mentioned that he would like to open up in the telecommunications area, in power, and definitely he wants to invite more competition in these sectors and other sectors of the economy for the benefit of Filipino consumers,” Dominguez said.
Meanwhile, Ybanez said Spanish companies are ready to invest in the Philippines. KS