Philippine invites investments from Hungarian firms

MANILA, Philippines — The Philippines is inviting more Hungarian investments as it urges companies to view the country as a sustainable manufacturing hub.

In a statement yesterday, the Board of Investments (BOI) said Trade Undersecretary and BOI managing director Ceferino Rodolfo highlighted the country’s openness to investments from Hungarian businesses during the recent Philippines- Hungary Business Networking event.

“The Philippine government is here to support and assist you in however way we can,” Rodolfo said.

He highlighted the wealth of green metals in the Philippines, such as nickel, copper, and cobalt which can be used for battery production.

Rodolfo also underlined the Philippines’ efforts toward renewable energy development.

The trade official cited the Department of Energy (DOE)’s recent decision to allow 100 percent foreign ownership of renewable energy sources. In November, DOE Secretary Raphael Lotilla signed a circular amending the implementing rules and regulations of the Renewable Energy Act of 2008, and allowing 100 percent foreign capital in renewable energy projects.

In addition, Rodolfo also reported an executive order is being planned aimed at cutting tariffs on imported electric vehicles.

“Philippine exports to Hungary increased by 40.26 percent—from $110.06 million in 2020 to $154.37 million in 2021. We believe the new exports of machine parts and accessories, as well as the increase in outward shipment of products such as digital monolithic integrated circuits, contributed to this growth,” Rodolfo said.

He said Philippine imports from Hungary expanded by 16.68 percent in the same year, driven by the importation of refrigerator and freezer parts, as well as in the inward shipment of materials for electronic machinery.

For her part, Embassy of Hungary in Manila Ambassador Titanilla Tóth affirmed the Philippines’ favorable business environment.

This was also echoed by a Hungarian business leader Adrian Kiss, CEO of the Hungarian Water Technology Corp. (HWTC).

“I would like to encourage all Hungarian companies to be brave, come [and] do business in the Philippines,”Kiss said.

Kiss extended the invitation after presenting some of HWTC’s completed collaborations with Philippine government agencies.

This includes a strategic cooperation with the Laguna Lake Development Authority, intended to support the rehabilitation of the lake basin.

Kiss also highlighted a partnership with the Philippine National Disaster Risk Reduction and Management Council to develop water treatment technologies for use in natural disasters.

During the forum, Deputy State Secretary of the Ministry of Foreign Economic Relations and Foreign Affairs of Hungary Katalin Bihari said Hungary is prepared to take necessary steps toward stronger trade relations with the Philippines.

Bihira recognized that the Philippines has a prominent position in Hungarian foreign economic policy, and emphasized the country’s standing as an important trade partner to Hungary among the Association of Southeast Asian Nation (ASEAN) countries.

Over 80 participants representing 36 Hungarian and Philippine firms in the environmental, labor market, and information and communications technology industries attended the event.

Bihari described the gathering as a prime opportunity for Hungarian firms to increase their presence in the Philippines, build new partnerships, and diversify exports.