“We are glad that our bilateral trade has turned around. This is good news” said the Dhaka based Philippines Ambassador to Sri Lanka Vicente Vivencio T. Bandillo speaking to Minister of Industry and Commerce Rishard Bathiudeen in Colombo on Dec.01. Joining Ambassador Bandillo was the Philippines Honorary Consul in Colombo, Srilal Disssanayake.
“Still there are unexplored trade potentials for larger trade between both countries despite having a recent trade surge and also having an agreement signed way back in 1980. We believe it is time to get down to real business at both sides. In response to your invitation made during the 41st Philippine Business Conference in Pasaya City, we are now scheduling a high level trade and business delegation to Colombo in March 2016 lead by our Undersecretary of International Economic Relations Department of Foreign Affairs, Ms Laura Del Rosario. I am pleased that this is the first such high powered, big delegation visiting Sri Lanka from the Philippines in recent times", said Philippines Ambassador Bandillo.
In 2014 bilateral trade between both countries stood at $64 million –which is an increase of a huge 59% from previous 2013’s $40 Million. At present the Philippines ranks as the 49th export destination and 37th supplier of Sri Lanka. We already have a double taxation avoidance agreement with Philippines.
In response Minister Bathiudeen said, “Though our bilateral trade with Philippines remains at modest levels of $64 million, continuous trade increase over the years is a clear trend. According to the Department of Commerce under my Ministry, there is a 225% bilateral trade increase in the five year period of 2010 to 2014. I too agree that these numbers show that the trade potentials are huge but needs to be exploited. One reason for the surge could be our double taxation avoidance agreement with the Philippines. As an ASEAN member, the Philippines is an important trade destination for Sri Lanka.”
A member of ASEAN SINCE 1967, the Philippines today has become not only a key trading gateway for South Asian economies but also a top manufacturing hub in Asia –while Manila has now grown to be a prominent outsourcing destination in Asia.
The first Trade Agreement between Sri Lanka and Philiipines was signed in 1980 to develop and strengthen direct trade and economic relations between the two countries on an equitable and mutual benefits basis. Thereafter, in Y2000, bilateral communications on cooperation based on the landmark agreement commenced.
