New Philippine Ambassador To Cambodia Highlights Economic Opportunities At PhilCham Event
The Philippine Chamber of Commerce & Business Association in Cambodia (PhilCham Cambodia) hosted the “Mabuhay Night: Meet the Ambassador” event on August 9, 2024, at the Oakwood Premier Phnom Penh, providing an opportunity for the Filipino community and Cambodian business leaders to meet and interact with the newly appointed Philippine Ambassador to Cambodia, H.E. Flerida Ann Camille P. Mayo.
The gathering brought together business leaders, diplomats, and members of the Filipino and Cambodian communities for a night of networking, cultural exchange, and dialogue about the future of Philippines-Cambodia relations.
Benilda Fernando, President of PhilCham, opened the evening with welcome remarks that emphasised the organisation’s mission to promote commercial relations between the Philippines and Cambodia, and to serve as a vital resource for businesses and professionals.
Tim Montero, PhilCham Cambodia’s Director of Communications and Marketing, gave a short introduction to Ambassador Mayo’s illustrious career in the Philippine Department of Foreign Affairs, which spans over 42 years and includes extensive international experience.
Philippines-Cambodia Economic Opportunities
In her keynote address, Ambassador Mayo emphasised the growing economic ties between the Philippines and Cambodia, highlighting numerous opportunities for increased trade and investment.
“The Philippines and Cambodia are practically on a parallel growth trajectory that promises so many economic opportunities,” she said.
She highlighted the Philippines’ solid macroeconomic foundation, favourable demographics, abundant natural resources, and business-friendly reforms as key drivers for growth.
The Philippines is poised to become a USD 1 trillion economy by 2033, joining the ranks of economic giants like China, Japan, India, and South Korea. Ambassador Mayo particularly highlighted the country's young, skilled, English-speaking workforce in a domestic market of over 100 million people, which helps to makes it an attractive destination for foreign investment.
“The Philippines is also projected to have the world’s 13th largest consumer market by 2030, with per capita GDP doubling from USD 3,541 in 2023, to about USD 6,500 by 2030,” she added.
The ambassador acknowledged that there is still work to be done to raise the total trade volume between the Philippines and Cambodia, which stood at only USD 18.5 billion in 2023. However, she expressed optimism about the growth potential, citing products like Philippine lenses, tobacco, Cambodian fruits, electric motors, and garments as existing best sellers.
“Certainly, our countries have so much more to offer and trade,” she said, adding that she has been meeting with Philippine and Cambodian companies to uncover potential synergies, especially in sectors like retail, education, food and beverage, and healthcare.
The ambassador also highlighted the upcoming Joint Commission for Bilateral Cooperation meeting in Manila later this month, where the two governments will have the opportunity to discuss a range of economic topics, including trade, investment, agriculture, tourism, and finance.
“Please be assured that the doors of the Philippine Embassy are always open to our friends and partners, and we remain ready to support initiatives that create lasting value for our peoples,” Ambassador Mayo concluded, inviting the audience to explore the many opportunities offered by the growing Philippines-Cambodia economic partnership.
This article was adapted from a supplied press release.
_B2B Cambodia_20240813_164800.jpg)