The Philippines and Russia signed 10 business agreements during the visit of President Rodrigo Duterte to Russia. One agreement involves “intention to jointly explore the prospects of cooperation in the construction of nuclear power plants,” Presidential Spokesperson Salvador Panelo said.
Panelo noted that all 10 agreements have total worth of around USD 12.570 million.
“These include one (1) Memorandum of Agreement, five (5) Memoranda of Understanding, two (2) Memoranda of Intent, and two (2) Distributorship Agreements,” Secretary Panelo said.
“These business agreements cover a wide range of areas, from cooperation of information exchange and collaboration on business development to exchange of information on investment environment and opportunities, from intention to jointly explore the prospects of cooperation in the construction of nuclear power plants to supplying tuna and sardine products and coconut products to the Russian market, as well as distribution, promotion and sale of Russian-made watches, vehicles, and IPP-NLS (medical) technologies in the Philippines,” he explained.
Russian President Vladimir Putin told President Rodrigo Duterte during their bilateral meeting on the sidelines of the Valdai International Discussion Club in Sochi on October 3 that Russia is interested in joint projects for peaceful use of nuclear energy, among others.
“Russian companies are willing to increase the export of energy, aircraft, motor transport and special vehicles to the Philippines,” Putin said.
“We are interested in promoting industrial cooperation and joint projects in the peaceful use of nuclear energy, space exploration and digital technology,” he noted.