Russian Companies Signed $12.57 Million Deals During Pres. Duterte's Trip

The visit of Philippine President Rody Duterte to Russia yielded some positive results after some Philippine and Russian companies have signed $12.57 million in deals during his visit.

According to the statement released by Presidential Spokesperson Salvador Panelo, the deals included a memorandum of agreement, five memoranda of understanding, two memoranda of intent, and two distribution agreements.

Spokesperson Panelo said that among the deals was an intention "to jointly explore the prospects of cooperation in the construction of nuclear power plants,” a “cooperation of information exchange and collaboration on business development to exchange of information on investment environment and opportunities… supplying tuna and sardine products and coconut products to the Russian market, as well as distribution, promotion and sale of Russian-made watches, vehicles, and IPP-NLS (medical) technologies in the Philippines."

The veteran lawyer added further that "President Duterte cited two Philippine fishery establishments which gained accreditation to export to Russia and other Eurasian markets and which created livelihood opportunities for Filipinos," Panelo said.

After the agreement between the Russian companies and Philippine companied together with the national government, Pres. Rody Duterte also invited businessmen to invest in the Philippines and offered them fiscal and non-fiscal incentives.

Sec. Panelo said "During the forum, President Duterte mentioned that Russia is a priority and investment market for the Philippines and acknowledged that the presence of Russian business groups during the event is a strong vote of confidence in the Philippines,” Panelo said.

This is not the first time that the Philippine President visited to Russia, one of the world's most powerful country headed by no less than President Vladimir Putin, who is also considered as Pres. Duterte's role model and idol in good governance.

During the first trip of the President to Russia, his trip was cut short due to some problems in Southern Mindanao, or the coordinated attacked conducted by the ISIS-inspired Abu Sayyaf and the Maute Group.

Source: Eagle News

Russian Companies Signed $12.57 Million Deals During Pres. Duterte's Trip Russian Companies Signed $12.57 Million Deals During Pres. Duterte's Trip Reviewed by Phil Newsome on October 09, 2019 Rating: 5
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