A delegation of Russian businessmen visited the country recently to firm up their commitments to invest in the Philippines in the wake of the strengthening relations between the two countries.
The group held several meetings with Usec. Dave Almarinez, president of the Philippine Investment and Trading Corporation (PITC), the official trading arm of the Philippine government.
According to Almarinez, the Russians were interested in the pharmaceutical, biotechnology, agriculture and mining industries.
“They want to be part of the economic development initiatives of the Duterte administration. As far as investing in the Philippines goes, they see it not only as a way to improve their bottom lines, but also the lives of millions Filipinos.”
President Duterte’s shift away from the United States has opened up new markets not only in Russia, but also in China and South East Asia.