The Philippines is committed to strengthening its business relations with Brunei Darussalam, symbolising a shared aspiration to foster economic growth and shape a more vibrant ASEAN community.
This was underscored by Philippine President Ferdinand R Marcos Jr during his keynote remarks at the Philippine Business Forum on Wedensday at the Royal Berkshire Hall, Tarindak D’ Polo Royal Brunei Polo and Riding Club, Jerudong.
Addressing prominent figures from the local business community and banking industry, President Marcos Jr encouraged Brunei’s business leaders to consider the Philippines as a prime investment destination. “We are committed to fostering mutually beneficial outcomes for the business sectors of both our countries,” he stated.
The Philippines is focusing on four key sectors for investment opportunities for Brunei’s business leaders: agribusiness and food processing, renewable energy, Islamic finance, and the halal industry. These sectors possess unique strengths and complement each other’s partnerships for future growth.
Philippines Secretary of the Department of Trade and Industry (DTI) Alfredo E Pascual highlighted these areas of investment during his presentation at the forum. He also emphasised that the economic relationship between Brunei Darussalam and the Philippines remains strong and growing. In 2023, Brunei was the Philippines’ 38th trading partner and 43rd source of foreign direct investment, with Bruneian investment in the Philippines reaching USD128,699.
The bilateral trade between the Philippines and Brunei Darussalam has rebounded impressively from the pandemic, recording USD 316 million in total trade last year. This marks a robust 28 per cent annual growth rate over the past five years.
The forum highlighted the importance of further strengthening business ties between the two nations, fostering economic cooperation, and exploring new opportunities for mutual benefit. – JAMES KON
More details on Thursday’s Borneo Bulletin
