Tuesday, July 23, 2024

Philippines, Malaysia Eye Enhanced Trade, Investment


Philippines, Malaysia Eye Enhanced Trade, Investment


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Finance Secretary Ralph Recto and the Ambassador of Malaysia to the Philippines recently met to discuss how to further enhance the two countries’ economic partnership even as they agreed to work together in identifying key areas where they can synergize.

In a social post on Thursday, the Department of Finance (DOF) said Recto met with Malaysian Ambassador to the Philippines Dato’ Abdul Malik Melvin Castelino to discuss areas of strategic partnership on June 10, 2024 at the DOF office in Manila.

The discussion primarily focused on enhancing trade and investment between the Philippines and Malaysia with Recto, noting there is much potential for the two nations’ economic partnership to grow.

“We’re both committed to enhancing our economic relationship. It is our desire to improve both trade and investments between both countries,” Recto said in a Viber message to the Philippine News Agency, also on Thursday.

Data from the Philippine Statistics Authority showed that in the first four months of the year, Malaysia ranked as the country’s 11th export market and 9th biggest source of imports.

Philippine exports to Malaysia during the period amounted to USD735 million.

Total value of imported goods, meanwhile, reached USD2.04 billion. (PNA)