THE PHILIPPINES and Cambodia should work together in attracting investment due to their complementary economies, the Department of Trade and Industry (DTI) said.
The Philippines and Cambodia can “work together to bring in investors from outside of the Philippines and Cambodia to invest in both,” DTI Undersecretary and Board of Investments (BoI) Managing Head Ceferino S. Rodolfo said at the Philippines-Cambodia Business Forum.
He pitched the idea of “looking at the Philippines and Cambodia as a seamless supply chain, particularly on agri-processing and garments and textiles.”
He was speaking at the signing by the Council for the Development of Cambodia and the BoI of a memorandum of intent on investment cooperation.
Under the agreement, the two parties declared plans to exchange information on the investment environment and opportunities, encourage companies to setting up businesses in the partner country, and provide support to facilitate inward investment.
He said that the collaboration will allow Philippine businesses to gain a foothold and access in mainland Southeast Asia, where entry costs are high.
“Cambodia can be a good entry strategy for Filipino companies who would like to address not only Cambodia, but also Vietnam and Thailand because of their proximity,” he added.
TOURISM COOPERATION
In a separate statement, the Department of Tourism (DoT) said the two countries’ memorandum of understanding (MoU) on tourism cooperation was presented to President Ferdinand R. Marcos, Jr. on Tuesday.
“The newly signed Implementation Program for 2025-2028 builds on the long-standing tourism cooperation between the two nations, which began with the signing of the original MoU in 2000,” the DoT said.
Tourism Secretary Ma. Esperanza Christina G. Frasco said that the Philippines and Cambodia can both offer diversity of destinations.
“Both nations recognize the vital role of tourism in driving economic growth, making this renewed partnership a significant step toward greater collaboration, knowledge-sharing, and mutual advancement in our tourism sectors,” she said.
In 2024, the Philippines received 4,268 visitors from Cambodia.
“This collaboration aligns with our National Tourism Development Plan 2023-2028 and supports the Philippines’ goal of expanding its tourism market and strengthening regional partnerships,” Ms. Frasco added. — Justine Irish D. Tabile
