Invest more in Phl, Russian businessmen told

MOSCOW – As he wrapped up his five-day visit, President Duterte on Friday urged Russian investors to come to the Philippines and enjoy competitive incentives that have inspired “recordbreaking” investments.

“We invite because we feel that investors have shown a strong trust and confidence in my administration with record-breaking investments. We invite our Russian friends to invest and do more business in the Philippines,” Duterte said.

“We offer competitive fiscal and non-fiscal incentives to jumpstart qualified investment projects from infancy to maturity of business operations,” he said.

The Philippines, he pointed out, is determined to work with Russia to expand trade.

“We signed cooperation agreements in the aerospace, automotive infrastructure, energy and pharmaceutical industries,” he said.

“These are mutually beneficial for both our countries. Our efforts to revitalize bilateral relations are bearing fruit. Very recently, two or more Philippine fishery establishments gained accreditation to export to Russia and

to other Eurasian markets,” Duterte added.

In his speech, Duterte thanked President Vladimir Putin and Prime Minister Dmitry Medvedev for allowing the increased trade partnerships, which would create more jobs for Filipinos.

“In the coming days, we are determined to bring more of our food products to Russia. Just last week, we had a delegation of 14 top Filipino companies to the world-renowned World Food Moscow in 2019 fair,” he said.

“In the coming years we hope that more and more Russians will get to enjoy our top quality export products,” Duterte added.

He also discussed with Russian businessmen the Philippines’ effort to reform its tax system by introducing the Corporate Income Tax and Incentives Rationalization Act (CITIRA), which is pending in Congress.

Earlier, Duterte laid a wreath at the Tomb of the Unknown Soldiers before going on a tour of the Kremlin with his entourage.

At the Philippines-Russia business forum, the President told select Russian investors of “income tax holiday that exempts the company from the payment of the 30 percent corporate earning tax from four to six years from the start of commercial operations.”

He also talked about “additional bonus for three years subject to certain conditions such as export earnings, labor generation and the use of indigenous materials.”

“The trip of the President was very productive, and this agreement is one of many that will benefit Philippine business interests, especially those that are based in Mindanao,” said Cabinet Secretary Karlo Nograles.

He witnessed the signing of a Memorandum of Understanding (MOU) between Century Pacific Food and Russian partners Magnit Food Retail Chain and LLC Dalpromryba.

Nograles pointed out that the Philippine fisheries industry has shown promise this year, with fisheries output up by 1.51 percent in the first six months.

“As a son of Mindanao, I consider the MOUs a big win not just for tuna producers but for Mindanao, as the region is the source of 90 percent of tuna produced by our country. This is an industry that creates jobs and annual direct revenues of $400 million. In General Santos City alone, the industry directly employs 25,000 workers,” he said.

According to Nograles, even before the country’s official delegation left for Russia, the government had already made it clear that one of its priorities was to explore business opportunities for the country’s growing tuna industry.

Nograles said that the government expects the whole Philippine tuna industry, not just Century Pacific Food, to benefit from the trade agreements, as “the ultimate objective is to open the door, to enter a new and promising market.”

“Today the Philippines is the top tuna-exporting country to Spain, Germany and the United Kingdom. Collectively we export 171,452 metric tons of tuna to these three markets each year, the equivalent of $492 million,” said Nograles.

“Russia has the 6th largest economy in the world and a population of 146 million people, so the potential is there. The Philippine tuna industry will profit immensely if we are able to maximize our entry into the Russian market, and one of the immediate beneficiaries will be Mindanao,” he said.

Doors opened

In an interview with Philippine media, Communications Operations Office Secretary Martin Andanar said President Duterte’s Russia trip has opened new doors for the Philippines in many areas.

“Russia is a beautiful place, it has good scenery. We need to pursue the shift of policy to see this part of the world,” said Andanar. President Duterte poses with Philippine Ambassador to Russia Carlos Sorreta, Trade Secretary Ramon Lopez, Executive Secretary Salvador Medialdea and Finance Secretary Carlos Dominguez III during the Philippines-Russia Business Forum at the House of the Unions in Moscow, on Oct. 4. The forum, organized by the Department of Trade and Industry was attended by more than 400 business delegates from various industries including food, automotive, health care, manufacturing and power.

Andanar told Russian news “We have the mutual defense Andanar said the country channel RT International that treaty with the United States of also has trade relations there is no pressure for the America and the same way we with Russia, particularly on country to be tighter in its relations will foster our relationship with oil, seaweeds and other goods with the superpower. China and Russia,” he added. and services.

“There’s no pressure at all. Following the talks between Andanar also took the chance You know, we live in very interesting Duterte and Russian President to thank Russia for its assistance times. We have a new Vladimir Putin where they during the Marawi siege and world order and every time agreed on better defense cooperation, the country’s war on drugs. there is change there will always Andanar revealed the “You can also say that during be resistance but the Philippines country has been in talks with the time when we had this will continue to walk down the non-North Atlantic Treaty Organization crisis in Marawi, the Russian path of the independent foreign (NATO) states, including government has been very policy,” Andanar said. Israel, for drones and South helpful in solving the problem

He echoed President Korea for naval ships. Duterte of ISIS in our country. We Duterte’s stance that the Philippines and his delegation earlier inspected are also talking about solving continues to respect its Russian helicopters. drug problems and other traditional Western allies. Aside from military assistance, transnational crimes,” he said.