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Investment Sector: Emerging Markets Submitted by Lovephileo 
, WEB CONSULTANT / PASTOR
at LIGHT OF THE WORLD CHRISTIAN CENTER
8 months ago Tags: Russia furnitures mining DOT DFA tourism philippines Add Tag |
Philippines is penetrating the multi-million dollar Russian market by furnitures and accesories manufacturers. Philippine furniture is known in Russia according to the Department of Foreign Affairs (DFA) and has been featured repeatedly in trade and industry magazine in Russia. Russians said that filipino furnitures is of the same quality if not better than Italian furnitures.
Current exports from Philippines to Russia stand at a modest $24 million dollars, but the Philippinem embassy in Moscow has identified strong growth potential in a range of consumer goods which are being fueled by strong demand and increase in disposable income: clothing, food, furniture, jewelry, car security systems, auto parts, construction materials and electronics.
Here in the Philippines interest by smaller companies has been shown in the mining industry as well. There have also been exploratory talks for Russia to consider Subic as a distribution center for its oil and gas exports.
Tourism also presents significant opportunity for the Philippines. Presently, there is active promotion by Department of Tourism (DOT) and 21-day visa free entry for Russian citizens is being used-this number could then go up to 50,000 this year.
Russian is becoming an attractive destination for filipino workers in the extraactive industry as well as in the health and household sector.
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