1B Euros Alloted for Hungarian Investors Coming to PHL

It seems The Philippines has found yet another #PartnerForChange.

To say that the trade and investment mission to Hungary led by the Department of Trade and Industry (DTI) was a success may be an understatement.

Following the recently concluded mission wherein Department of Trade and Industry (DTI) officials were accompanied by members of the Philippine business community, Hungary has allotted more than P63.48 billion or 1 billion euros for traders and investors ready to do business with the Philippines.

According to Trade Undersecretary Ceferino Rodolfo, Hungarian Export-Import Bank Plc. has earmarked that value: “That’s the ceiling [amount] that the bank put for Hungarian companies that would like to do business with Filipino companies, either through trade or co-investing,” he said.

DTI Secretary Ramon Lopez also shared his sentiment via text message stating that Hungary could be the Philippines’ gateway to the European Union (EU). Conversely, the Philippines can serve as the European country’s gateway to the Association of Southeast Asian Nations (ASEAN).

Although the value of Philippine exports reached $163.93 million in 2016, Hungary was still ranked as the country’s 40th trading partner, 26th export market, and 64th import supplier that year. Expect these rankings to rise over the next few years.

via Inquirer