Philippines and Spain strengthened their trade relations through the historical signing of a Memorandum of Understanding (MOU) between the Philippine Chamber of Commerce and Industry (PCCI) and the Spain Chamber of Commerce on Friday, February 23.
“We are excited at the opportunities that will be created with the implementation of the MOU, particularly in the sectors of manufacturing, information and communications technology, tourism and hospitality, training, human resources, and small and medium enterprise development, among others,” said PCCI President Consul Enunina Mangio.
The MOU was signed on the second day of the 10th Philippines-Spain Forum held at the Peninsula Manila, on February 22-23, which covered various topics such as geopolitics in the Indo-Pacific, food security and supply chains, digitalization and infrastructure development, tourism, and energy security.
Among those who attended the forum were top Philippine government officials including House Speaker Ferdinand Martin Romualdez and Energy Secretary Raphael Lotilla, key stakeholders from the private sector, and dignitaries from Spain.
Casa Asia Director General Javier Parrondo said the signing of the MOU is one of the most positive outcomes of the 10th Philippines-Spain Forum.
In his speech, Parrondo noted opportunities for collaboration between the Philippines and Spain in the clean energies, tourism, and infrastructure sectors, especially with the growing Philippine economy.
“The economy of the Philippines performed very well in 2023 with a (GDP) growth at 5.6 percent, outpacing major economies in Asia, including China… The strength in domestic demand is one of the major drivers of economic growth followed by investments in infrastructure, showing that the “Build Better More” Program put in place by the Filipino government is reaping benefits with a multiplier effect on the economy as a whole,” Parrondo explained.
Stratbase Group Chief Operating Officer RP Manhit emphasized that there is a good opportunity to collaborate and manage mutually beneficial goals in the areas of maritime security, blue economy, and climate change.
“Strategies for the Philippines and Spain to progress include the use of multilateralism, defending international law, and upholding a rules-based international order. Emphasizing the need for partnership to navigate an uncertain world, the speakers expressed optimism about the bilateral relations of the Philippines and Spain,” he added.
Philippines-Spain Business Council Chairman Jose Antonio Ibazeta said the Philippines-Spain Business Council and Casa Asia are committed to foster international trade, commerce, and cooperation between Spain and the Philippines, further strengthening the bonds between both nations.
“By understanding the multisectoral dimensions of our shared legacies, the Philippines and Spain can better navigate the current landscape and create a future characterized by strengthened partnerships,” Ibazeta said.
“Today, we know and feel that globalization has become an undeniable reality, shaping our world and emphasizing the importance of strategic partnerships. It has evolved into an essential aspect of our interconnected world, one that no individual or nation can afford to ignore,” he added.
