Duterte’s Shortened Russia Trip Yields almost $1B in Investment

Despite dealing with Mindanao problems, President Duterte’s shortened trip to Russia produces business deals amounting to nearly $1 billion; a record-breaking accomplishment with the Philippines’ 41-year-old diplomatic ties with Russia.

Trade Secretary Ramon Lopez led nearly 200 Filipino businessmen to have meetings and investment deals with their Russians counterparts; disclosed that so far, $875 million worth of investments have been agreed upon by Filipino and Russian firms.

“So far, we have around $875 million business-to-business projects between Philippine and Russian companies,”  Lopez said via Philippine Star.

The investment deals are in the areas of agribusiness, multi-purpose vehicles, power, energy, property and development, iron and steel, transport and construction, Lopez said.

Lopez trumpeted Dutertenomics and highlighted key areas which he said are the government’s top priorities in terms of tax incentives. These are services, manufacturing, agribusiness, infrastructure and logistics.

Russia’s Deputy Minister for Economic Development Alexander Tsybulskiy, in his welcome remarks, said the Russian Federation is doing everything to expand bilateral relations.

“We hope this meeting will be a good beginning for long-term cooperation,” Tsybulskiy said.

President Duterte was supposed to address the Business Forum but had to immediately return to the Philippines because of the terror attacks in Marawi, but several cabinet members stayed behind to finish the activities.

It was not made clear if Duterte will return to Russia sooner or later, but reports said that Russia’s Putting and PH’s Duterte have some unfinished business to talk about at the right time.



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