Russia to Buy $2.5 Billion Worth of Philippine Agri Products


President Rody Duterte's meeting with Russian President Vladimir Putin yields positive reports for the Philippine economy, after the Russian government pledge to buy aroun $2.5 billion worth of agricultural products.


Trade Secretary Ramon Lopez confirmed the news first reported by Inquirer as he noted that the Russian side agreed "immediately" to a proposal for the importation of Philippine fruit and other agricultural products in the next 12 months.

The estimated $2.5 billion worth of products dwarfed the $46 million worth of exports the Philippines currently ships to Russia every year.

The discussions was made during the bilateral meeting between Pres. Duterte and Pres. Putin of Russia wherein the Russians agreed to buy Philippine fruits, grains or vegetables.

According to DTI Sec. Lopez the Philippines and the Russian delegations talked about what the they could buy from us, especially agricultural products, but nothing was specified.

Aside from the business side, the DTI Secretary also revealed that Pres. Vladimir Putin also offered to help the Philippines through investments in energy and infrastructure.

Sec. Lopez was quoted as saying "[They will help] in machine engineering, hardware, modernizing industrial machineries, railways especially long-range railways, port infrastructure, monorails, light transit transport system, agriculture, and of course, tourism,” he said.

The Philippines under the leadership of charismatic leader Pres. Rody Duterte may also expect more tourists from Russia, and he added further that the Russians are also committed to work with the Philippines on counterterrorism issues, counter-drugs [operations], law enforcement, education and finance.

Source: Inquirer


Russia to Buy $2.5 Billion Worth of Philippine Agri Products Russia to Buy $2.5 Billion Worth of Philippine Agri Products Reviewed by Phil Newsome on 11/21/2016 Rating: 5

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