Philippines Nailed a $ 2.5 Billion Worth Venture From Russia

It was previously announced by President Rodrigo Duterte that he is going to meet the Russian President 

Previously, President Rodrigo Duterte announced his plan to meet Russian President Vladimir Putin to discuss matters that might help strengthen the bond between Russia and Philippines, and the result of the bilateral meeting had really favored Philippines as Duterte had closed a $ 2.5 Billion Worth venture from Russia.

Russia pledged to purchase agricultural products from the Philippines worth $ 2.5-B, as discussed during the bilateral talks between President Duterte and Vladimir Putin in Peru.

The Russian side agreed “immediately” to a proposal for the importation of our country’s fruits and other agricultural products in the next 12 months, said Trade Secretary Ramon Lopez to the press in Peru.

The secretary also added that there were no specified agricultural products to import yet, but knowing that our country was supplying Russia a huge quantity of bananas and mangoes, where our country ships $80 million worth of exports to Russia every year.

Other than the promised venture, Putin also offered to help Philippines through investments in energy and infrastructure, and to work with us on counter-terrorism, counter-drugs, law enforcements, education and finance.

“[They will help] in machine engineering, hardware, modernizing industrial machineries, railways especially long-range railways, port infrastructure, monorails, light transit transport system, agriculture, and of course, tourism”, Lopez said.

“Of course, the other side of this their commitment to work with us on counter-terrorism, counter-drugs [operations], law enforcements, education and finance,” he added.

In regards of tourist assistance, Lopez added that the Philippines may also expect more Russian tourists.

President Duterte quoted Vladimir Putin as his “hero” in statement previously and was eager to meet him during his Peru Trip for the APEC summit; it seemed to be that this is the start of Philippines and Russia ‘best of friends’ relationship President Duterte is looking forward.