December 20, 2024 | 12:00am
MANILA, Philippines — The Philippines and Hungary are looking to further deepen trade and investment relations by focusing on key sectors such as electronics and semiconductors, information technology-business process management (IT-BPM) and software development.
In a statement, the Board of Investments (BOI) said it hosted the Philippine-Hungary Business Forum aimed at building closer trade and investment relations between the two countries.
During the event, held last Dec. 3, government officials, industry leaders and business representatives from the Philippines and Hungary, identified key sectors for strengthening trade and investment ties, namely electronics and semiconductors, IT-BPM and software development.
Joining the event was a delegation from Hungary composed of five companies in security printing, IT, agriculture, health care and smart cities.
From the Philippine side, Philippine Software Industry Association board director Ramil Villanueva and Semiconductor and Electronics Industries in the Philippines Foundation Inc. president Dan Lachica presented opportunities in the industries they represent.
During the event, Trade Undersecretary and BOI managing head Ceferino Rodolfo highlighted changes being implemented through the CREATE Act and CREATE MORE, which offer long-term fiscal incentives, along with green-lane facilitation for expedited investment approvals to enhance the Philippines’ business environment.
“To our Hungarian partners, the Philippines offers immense opportunities for growth, collaboration and innovation. I am confident that this collaboration will yield mutual benefits,” he said.
Hungary Ministry of Foreign Affairs and Trade Deputy State Secretary for External Economic Relations Katalin Bihari said the Philippines is a strategic partner as Hungary intends to strengthen its presence in Southeast Asia.
“The volume of trade between Hungary and the Philippines in the last year amounted to more than $199 million, but we believe that there is still more room for improvement. The main purpose of our business forum today is to work on it and achieve further results,”she said.
While Hungarian businesses are increasingly interested in the Philippine market, she said Filipino entrepreneurs are also recognizing the strategic advantages that Hungary can offer.
The forum was held as part of the Sixth Philippines-Hungary Joint Commission on Economic Cooperation (JCEC).
During the JCEC, the discussions highlighted the strategic alignment between the two countries in various sectors including labor, manufacturing, water treatment, agriculture, information communications technology, transport, education, culture, tourism, sports and health.
The BOI expects the business forum and the JCEC to bring new opportunities that will support economic growth for both countries.
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