PHL seeks to expand trade with Hungary

The Philippines is looking to expand its trading with Hungary, which, according to the Philippine Chamber of Commerce and Industry (PCCI), is "focusing in the Southeast Asian region."

In a statement Friday, the PCCI said Hungary is planning to open a trade office in the Philippines as proof of confidence in the country's economic status.

"(Hungary) is focusing in the Southeast Asian region and the Philippines in particular is an attractive destination for Hungarian investors due to its sound business practices," the PCCI said.

PCCI met with the Special Envoy of Hungary to the Philippines Attila Kalimet "to discuss how to enhance trade and economic relations" between the two countries.

The Philippines exports to Hungary electronic microassemblies, parts and accessories of machines, measuring and checking instruments, appliances and machines, transmission apparatus, parts of motor vehicles.

Imports from Hungary, meanwhile, include transmission apparatus, materials for the manufacture of electrical and electronic machinery, parts and accessories of the automatic data processing machines, materials for the manufacture of semiconductor devices and rodenticides, antibiotics, medicaments.

PCCI recently held a forum to share business interests and trade opportunities from both countries.

Data from the Department of Trade and Industry (DTI) show Hungary is the 40th largest trading partner of the Philippines with total bilateral trade of around $156.49 million.

PCCI said it is working with the Hungarian Embassy in Jakarta, Indonesia "to conduct networking activities between Filipino and Hungarian businessmen." — KBK, GMA News