Russia looks to import $2.5B of PHL products — DTI chief

Trade Secretary Ramon Lopez has revealed that Russia wants to increase imports from the Philippines to $2.5 billion from $46 million in 2015, following the bilateral meeting between Presidents Rodrigo Duterte and Vladimir Putin on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Peru.

"Russia, of course, commits ... Sabi nila, I think, from several million dollar imports from the Philippines. They are saying fruit and other products they can easily bring up daw. They project to bring up imports from the Philippines to the tune of about 2.5 billion dollars," Lopez said in a press conference with reporters in Lima.

Russia offered to help in other areas like energy, infrastructure, machine engineering, hardware, modernizing industrial machineries, railways (especially long range railways, monorails, light transit transport systems), port infrastructure, agriculture, and tourism.

"We can expect more Russian tourists, and ‘yung cultural development," Lopez said.

Russia also committed to work with the Philippines on counter-terrorism, counter-drugs, law enforcement, education, and finance.

"It’s our first time to have that bilateral meeting. Very good rapport. With President Putin we can only look up, I mean, nowhere to go but up because it’s really a relationship that offers a lot of opportunities dahil halos walang nangyayari before when it comes to trade and investment with Russia," the Cabinet official noted.

The Philippine imports from Russia amount to $375 million, mostly oil. — Trisha Macas/VDS, GMA News