26 August 2016— The economic conditions and business climate in the Philippines continues to improve, thus creating many trade and investment opportunities for Russians, Philippine Ambassador to Russia Carlos D. Sorreta told a gathering of Russian investors and traders. The gathering was organized by the Russian Trade and Economic Development Council (RTEDC) in Moscow on August 19.

“The Philippine economy grew at an annual rate of 7.0 percent in the second quarter of 2016, the fastest expansion since the second quarter of 2013. Faster increase in household consumption, government spending and investments have led to this growth,” Ambassador Sorreta told the group.

He added, “this, together with an excellent workforce and reforms that have eliminated red tape and corruption, have created opportunities for investments in infrastructure, transportation, energy, manufacturing, agribusiness and services.”

An open forum followed the discussion. Among the questions raised during the forum was on the political situation in the Philippines and the issue on the South China Sea.

To answer the question on the political situation of the Philippines, Ambassador Sorreta pointed out that the peace and order situation is improving with the government’s determination to address criminality. He added that efforts are also underway to peacefully address the situation created by armed groups.

On the South China Sea issue, he expressed appreciation for Russia’s support for the peaceful resolution of the conflicting claims. He added that the region remains stable and will continue to be attractive to investors, given the economic integration and growth of AEAN.

The RTEDC is composed of top Russian government and business personalities with the goal of promoting international economic relations. END