Russia keen on BBB, eyes Phl partnerships

Russia hopes to capitalize on the government’s ongoing Build Build Build program as it scouts for potential infrastructure investments in the country.

Transportation Secretary Arthur Tugade met on Friday with the Ambassador of the Russian Federation in the Philippines Igor Khovaev to explore possible partnerships and project collaborations with the Department of Transportation (DOTr).

According to the DOTr, Russia is keen on projects that are part of the Duterte administration’s massive infrastructure program.

Possible partnerships may come from both the Russian government and private firms, the DOTr said.

The Board of Investments earlier said Russian companies expressed interest to invest in critical sectors of the economy such as transport infrastructure/construction, aerospace, iron and steel, automotive, power generation equipment, minerals processing, and agriculture.

The agency attributed the growing interest among Russian companies to invest in the Philippines to the recently established stronger economic ties between the two countries.

BOI is encouraging more Russian firms to consider the benefits in making the Philippines as their production hub and gateway to the ASEAN and Asia markets, which in turn will complement their existing foothold in Europe.

Last year, Russia ranked as the 24th import supplier, 29th trading partner, and 37th export market of the Philippines. The country’s exports to Russia also grew 23.12 percent to $61.35 million.