Philippines envoy calls for stronger private-sector ties, new investment avenues and greater economic cooperation between the two countries.
The Philippines and Pakistan are seeking to increase bilateral trade to US$500 million, with the private sectors and chambers of commerce of both countries expected to play a central role in unlocking new business opportunities.
Philippines Ambassador to Pakistan Dr. Emmanuel R. Fernandez said the current trade volume between the two countries stood at around US$197 million, which remains considerably below their actual economic potential.
He stressed the need to identify fresh avenues for trade, investment and business-to-business cooperation.
Speaking in an interview with APP, the ambassador highlighted the Philippines’ position as the second-largest ASEAN market by population, saying it could provide Pakistani businesses with an important entry point into Southeast Asian markets.
He noted that Pakistan could benefit significantly from a future regional Free Trade Agreement with ASEAN.
Greater integration with the bloc could provide access to an ASEAN market valued at approximately US$4 trillion, while supporting Pakistan’s exports, connectivity and regional economic integration.
The ambassador also pointed to the Pakistan-Philippines Joint Economic Council as an important platform for reviewing bilateral trade, investment issues and progress toward stronger economic relations.
Tourism and people-to-people connectivity were also identified as areas with considerable potential. The Philippines Embassy in Islamabad is taking steps to facilitate Pakistani travelers by increasing visa issuance and simplifying procedures.
More than 5,000 Pakistanis visit the Philippines annually, while Filipino tourists also travel to Pakistan, particularly to explore its northern areas.
Fernandez said direct air connectivity between the two countries could further strengthen tourism, business and people-to-people contacts.
Several emerging sectors could contribute to higher Pakistan Philippines bilateral trade, including halal products, halal tourism, medical products and beauty products. Both countries also have opportunities in the blue and green economies.
The envoy identified pharmaceuticals, automobiles, electronics, e-commerce, tourism and agriculture as key sectors for future cooperation. Stronger interaction between chambers and private businesses could help convert these opportunities into concrete partnerships.
He further emphasized youth and digital cooperation, particularly in e-commerce and entrepreneurship. Meanwhile, Pakistani and Philippine universities are working toward scholarship agreements that could expand educational links and strengthen long-term relations between the two countries.