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Philippines is a country located in Southeast Asia in the western Pacific Ocean with a population of 98 million.
Philippines has a GDP of 235 billion USD, a growth rate of 3.6% in 2011 and a total trade volume of 110 billion USD. Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing.
Philippines’s first three export markets are China, USA and Singapore and main export products are electronic integrated circuits, data processing machines, electronic devices, transportation equipment, giftware, copper made products, fruits. First three import markets of Philippines are Japan, China and USA and Philippines imports mainly electronic devices, crude oil and mineral oils, machinery and transportation equipment, automobile, iron and steel, textile.
Philippines is a member of ASEAN and OIC.
Philippines has Economic Partnership Agreement with Japan and Free Trade Agreements (FTA) with the countries that have FTA’s with ASEAN. It has ongoing FTA negotiations with European Union.
Turkey has proposed Philippines to initiate FTA negotiations and is indicating its willingness in different platforms.
The legal framework of bilateral commercial and economic relations of Turkey and Philippines depends on a number of agreements, including Trade Agreement (1995), Economic and Technical Cooperation Agreement (1999), and Reciprocal Promotion and Protection of Investments Agreement (1999), Prevention of Double Taxation Agreement, (2009). The constitutional process for Prevention of Double Taxation Agreement has been completed in Turkey, and for the agreement to enter into force, Philippine side is obliged to submit it to the Philippine Senate.
Within the framework of the Economic and Technical Cooperation Agreement signed in 1999, Turkey- Philippines Joint Economic and Technical Committee (JETC) mechanism has been established. The first session of the JETC is planned to be held in May 2012, undertaking many aspects of the bilateral economic and commercial relations.
With the aim of establishing a mutual confidence and cooperation environment among Turkey and Philippines, Turkish-Philippines Business Council has been established in March 8, 2011. The first meeting of the business council is planned to be held in 2012.
Philippines-Turkish Chamber of Commerce is established in February 22, 2011 in Manila.
Philippines was Turkey’s 100th export partner in 2011.
Turkey’s exports to Philippines were 100 million USD in 2011 with an increase of 42% (70 million USD) from 2010. Since 2005, in which Turkey’s “Asia-Pacific Commercial and Economic Relations Development Strategy” was initiated, Turkey’s exports to Philippines have raised by 230% (31 million USD).
Top 5 export categories (2-digit SITC) to Philippines in 2011 were; cereals and cereal preparations, tobacco and tobacco manufactures, textile yarn, fabrics; made-up articles, medicinal and pharmaceutical products, machinery for particular industries.
Philippines was Turkey’s 86th import partner in 2011.
Turkey’s imports from Philippines were 122 million USD in 2011 with an increase of 14% (107 million USD) from 2010.
Top 5 import categories (2-digit SITC) from Philippines in 2011 were; electrical machines, apparatus and appliances, office machinery, automatic data-processing equipment, vegetables and fruit, textile yarn, fabrics; made-up articles, fixed vegetable fats and oils.
The trade volume between Turkey and Philippines amounted to 223 million USD in 2011 and Turkey encountered 21 million USD of trade deficit against Philippines.
Contracting and Consultancy Services
The distance between Turkey and Philippines appears to be a disadvantage in contracting and construction sector between the two countries. As per date, one Turkish construction company has undertaken a project in Philippines, amounting to 5 million USD.
It is known that transportation infrastructure is inadequate in Philippines and carries a potential to be invested.
There are no considerable Philippine investments in Turkey and Turkish investments in Philippines.