The Philippine International Trading Corp. (PITC), the commercial arm of government, aims to become a global trading company by 2022.
This was announced by PITC President Dave Almarinez during the signing of the MoU renewing its business partnership with Hungary at the first Philippines-Hungary online business forum and B2B event. Dr. Kristof Szabo, CEO of the Hungarian Export Promotion Agency (HUPA), a private non-profit company, signed the MoU.
In his speech, Almarinez highlighted the crown corporation’s programs that have been put in place over the years.
With his programs in place, Almarinez said the PITC aims to become a global state-trading by next year, 2022.
“By 2022, PITC will be a state-owned global trading and marketing enterprise supporting the development of domestic industries,” he said.
On renewing his partnership with HUPA, Almarinez said the deal is expected to further strengthen trade between the two countries.
“This is a significant collaboration between PITC and HUPA to expand business opportunities that will contribute to economic developments,” said Almarinez.
The renewal of the MOU aims to further strengthen ties for international trade, cooperation and expand mutually beneficial business opportunities.
The two parties signed the first Memorandum of Understanding in 2019 which facilitated certain import-export activities for the two countries. The Philippines has undertaken imports from Hungary from agriculture, aviation, vineyards and technology. There has also been some form of Hungarian investment in the Philippines, he said.
For the renewed partnership between the Philippines and Hungary, Almarinez highlighted its clearing trade and industrial collaboration program.
Industrial collaboration is a program used to support national industries and the technological needs of a country. It has been implemented in industries such as defense, aerospace, shipbuilding, electronics, communications, IT, and power generation.
With over 47 years of experience in international trade, Almarinez said they have played a pivotal role in the trading industry, their clients and in advancing commerce for Filipinos.
Besides export and import trade activities, PITC is also involved in ancillary services related to trade, including warehousing and logistics, purchasing and distribution of goods and products, establishing concessions and the creation of joint ventures, as well as compensated / special trade agreements.
Its main programs include over-the-counter buying or counter-exports; compensation (investments, technology transfers, donations or subsidies); and industrial cooperation (production or assembly in the country, servicing or maintenance and / or support to local allied industries, including research and development).
For example, Almarinez cited the success of his first countertrade model, the Armed Forces of the Philippines purchased armored personnel carriers (APCs) from a UK supplier with a 100% countertrade component resulting in no only exports, but also the creation of a local assembly facility for said APCs in Subic.
SUBSCRIBE TO THE DAILY NEWSLETTER
CLICK HERE TO SIGN UP