PH eyes higher export from Spain

In a news published by Business World, Finance Secretary Carlos Dominguez said that the Philippine government aims to increase direct exports of locally manufactured high-valued goods to Spain like computer parts and other electronic goods which accounts for half of the Philippine total exports.

The Duterte administration is seeking to increase direct exports of locally manufactured high-value goods to Spain, like computer parts and other electronic goods, Finance Secretary Carlos Dominguez III said.  Image from Philippine Star.

“Our manufacturing base here is growing and growing stronger. The fact that our currency has depreciated is certainly an advantage. Plus I think also our production here is quite competitive with the rest of the world,” explained Mr. Dominguez.

According to the finance chief, the value of Philippine imports from Spain amounts to $400 million, while exports total only $200 million.

The Spain’s Secretary of State for Foreign Affairs, Ignacio Ybanez Rubio reiterated that Spanish companies are ready to invest here in the Philippines, especially now that President Duterte is open for foreign investors to invest in the power and telecommunications sectors, which will also benefit Filipino consumers.

Currently, Spain and the Philippines are currently in the process of straightening a proposed Memorandum of Understanding on Economic and Financial Cooperation which would focus on the areas of agriculture, industry, energy and service, water infrastructure, climate finance, environmental economics and disaster risk finance.

Sources: Manila Bulletin, Business World