Officials report that during bilateral discussions between President Duterte and Vladimir Putin, Russia committed to buy up to a staggering $2.5 billion worth of fruit, grains and vegetable from the Philippines.
Trade Secretary Ramon Lopez said the Russian side agreed “immediately” to a proposal for the importation of Philippine fruit and other agricultural products in the next 12 months.
“Their immediate estimate is $2.5 billion. That’s a number they [the Russian side] quoted,” the Cabinet official told Filipino journalists covering the Asia-Pacific Economic Cooperation (Apec) Leaders Meeting in Peru’s capital.
This dwarfs the $46 million worth of exports the Philippines currently ships to Russia every year, he said.
“We were talking of what they could buy from us, especially agricultural products, but nothing was specified. But I understand we supply them with a huge quantity of bananas… and mangoes. With these kinds of discussions, these present more trading opportunities between us,” Lopez said.
Lopez said Putin also offered to help the Philippines through investments in energy and infrastructure.
Read more: globalnation.inquirer.net