Hungary allots 1B euro for investors in PH

Hungary has allotted 1 billion euros (or more than P63.48 billion) for companies that plan to do business with the Philippines, following a recently concluded trade and investment mission in the European country, top officials said.

Trade Undersecretary Ceferino Rodolfo told reporters that a Hungarian Export-Import Bank Plc. has earmarked that value for Hungarian traders and investors.

The Department of Trade and Industry (DTI) led a trade and investment mission in Turkey and Hungary with some members of the Philippine business community from Feb. 5 to 9 this year.

“That’s the ceiling [amount] that the bank put for Hungarian companies that would like to do business with Filipino companies, either through trade or co-investing,” he told reporters on the sidelines of a press briefing on Monday.

In a text message to reporters, DTI Secretary Ramon Lopez said Hungary could be the Philippines’ “gateway” to the European Union (EU), while, conversely, the Philippines would be its gateway to the Association of Southeast Asian Nations (Asean).

According to DTI data, merchandise trade with Hungary rose at a compounded annual rate of 4.67 percent from 2006 to 2016. In 2016, the value of Philippine exports reached $163.93 million, while importing only a little over $16 million. —ROY STEPHEN C. CAÑIVEL