Some tycoons skip Duterte visit to Russia

MANILA, Philippines — Some of the country’s top tycoons skipped President Duterte’s visit to Russia this time, but other businessmen who joined the business delegation are optimistic they can seal deals with their Russian counterparts. 

“It seems none of the conglomerates joined this time. Russia is more of an oil, mining and defense industries country,” one tycoon said. 

However, Trade Secretary Ramon Lopez said the trip was a success and other businessmen who joined the trip are optimistic of reaping trade benefits. 

“The intention is to widen the range of products being exported,” Lopez said.

The trade department organized the Philippine-Russia in Moscow on Oct. 4 as part of President Duterte’s visit. 

In 2017, President Duterte also went to Russia and brought with him a bigger business delegation, but he was forced to go back as soon as he arrived because of the attack in Marawi.

Lopez said this time, a total of 10 agreements were reported to President Duterte during the forum, which gathered over 400 business delegates from various industries including food, automobile, healthcare, manufacturing and power. 

Businessman Antonio Tiu, who made it to this year’s Forbes list of the Philippines richest men, joined this year’s business delegation.

“I joined the trip to expand new market for fruit exports. We have been selling bananas to Vladivostok,” Tiu told The STAR. 

Tiu chairs listed agricultural products exporter Agrinurture Inc., which is an exporter of different fruits and other agricultural products. 

Jorge Consunji of the Consunji Group also joined this year’s business delegation.

“We joined to represent the construction industry. We went around to look at bridges and stadiums etc. We want to familiarize ourselves with the Russia way of building infrastructure,” said Consunji, president and CEO of DM Consunji., the infrastructure construction giant of conglomerate DMCI Holdings Inc. 

Philippine National Bank president Jose “Wick” Veloso said PNB joined this year’s visit to get a better understanding of the opportunities between the Philippines and Russia. 

“There is an untapped, unexplored Russian market for many Philippine exports, especially agriculture products. There is a growing travel and trade business and we need to understand the players in this sector,” he said.

PNB, owned by taipan Lucio Tan, is pushing more of its resources and focus to businesses which support the growth of the Philippine economy, Veloso said.

“PNB has long-term relationships with many of its customers in the provinces. We continue to be on the lookout for possible partnerships with foreign investors and companies.”