€1B fund for RP-bound Hungary firms available

Some one billion euros is available for Hungarian companies eyeing to do business in the Philippines, Department of Trade and Industry (DTI) Undersecretary Ceferino Rodolfo said.

Rodolfo told reporters Monday the fund will be available through Hungarian Export-Import (EXIM) Bank Plc. for companies that will invest, trade or partner with local firms in the Philippines.

He said Hungary has high interest in the country’s meat sector.

The DTI concluded last week a trade mission in Hungary.

The Philippine delegation, led by Trade Secretary Ramon Lopez, who along with other trade officials including Rodolfo, met Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto and Deputy Speaker of the Hungarian Parliament Istvan Jacab.

Moreover, Rodolfo said Hungary has high employment rate, which provides an opportunity for the Philippines as Hungarian firms may expand their manufacturing facilities in the country and take advantage of the Generalised Scheme of Preferences Plus (GSP+) granted by the European Union (EU).

With the EU GSP+, Hungarian companies that will produce products in the Philippines can import their products back to the 28 EU member states with zero duty.

Aside from the duty-free importation from the Philippines to EU, Rodolfo said Hungarian firms can also make the Philippines as its production hub in ASEAN as they can also enjoy the benefits of the ASEAN Free Trade Agreement. (PNA)