PH seeks more investors from Russia

MANILA  -The Marcos administration is wooing more Russian businesses to invest in the Philippines, touting the country as an attractive regional hub for smart and sustainable manufacturing and services.

The Board of Investments (BOI) said it brought together representatives from the Russian and Philippine private sector in a business forum last Oct. 4 to discuss the growing trade relations between the two countries and to foster mutually beneficial partnerships.

“The Philippines is positioned as the regional hub in Southeast Asia for smart and sustainable manufacturing and services, using market-based tools that empower the private sectors,” Trade Undersecretary and BOI head Ceferino Rodolfo said during the forum.

READ: PCCI lists top PH sectors to invest in

“That goal is attainable through our country’s foremost and strongest advantage, which is the Filipino workforce. Russian investors stand to gain in investing in the Philippines with Filipinos as the backbone of [their] operations,” he added.

The trade official added that the Philippines presents many investment opportunities, including in mineral processing, electric vehicle manufacturing, infrastructure development, and pharmaceuticals.

READ: Foreigners can own 100% of renewable energy projects – DOJ

He likewise emphasized the country’s continued efforts to liberalize its business environment, specifying the recent policy change to allow up to 100-percent foreign ownership in select public services.

For his part, Russia’s Deputy Minister of Industry and Trade Aleksey Gruzdev reiterated their country’s commitment to international obligations and its intention to continue to supply goods and services to partner countries. INQ