MOSCOW, Russia — President Duterte thanked Russian business leaders for taking a chance in the Philippines while giving the assurance that his government will protect their investments as the two countries inked 10 business deals here Friday.
Duterte made the statement as he graced the Philippines-Russia business forum.
In his speech, Duterte said he was delighted that Russian businessmen attended the forum, saying that alone was already a “strong vote of confidence” in the Philippine economy.
“We are one of the fastest growing economies in Asia and the second fastest in the ASEAN. Our economic advantage lies on the strength of our young workforce – population. Our macroeconomic fundamentals remain strong,” he said.
“We invite because we feel that investors have shown a strong trust and confidence in my administration with record-breaking investments. We invite our Russian friends to invest and do more business in the Philippines,” he added.
“The Philippines’ robust economy is attracting investors every year. Our growth rate is steady and going strong. Our national or annual GDP growth rate was positive for 82 consecutive quarters,” he said.
According to the President, both the Philippines and Russia have made significant progress in creating a conducive environment for a robust economic engagement between the two countries.
“With strong resolve and commitment, I am confident that our economic ties will continue to prosper to its full potential. The new business agreements forged today will bring closer to us in our goal,” Duterte said.
“Let me assure you that your investments are assured of gains and protection in my country,” he added.
Duterte also boasted of the Philippines’ competitive fiscal and non-fiscal incentives to jumpstart qualified investment projects, including income tax holiday that exempts the company from the payment of the 30-percent corporate earning tax from four to six years from the start of commercial operations.
Meanwhile, Trade and Industry Secretary Ramon Lopez told Malacañang reporters here that the signing of the 10 business deals was just the beginning of the improvement of the Philippines-Russia ties despite it generating a small amount of about $12 million to $15 million only.
According to Duterte, the total trade between the Philippines and Russia reached $1.36 billion, and that Philippine exports to Russia also reached $86 million last year.
“This year, this upward trajectory continues. This indicates promising ties between our economies at an even higher level,” the President said.
“I personally thank President Vladimir Putin and Prime Minister Dmitry Medvedev for this, knowing this will create more jobs for the Filipinos,” he added. (Argyll Geducos)