Phl seeks stronger ties with Sri Lanka

MANILA, Philippines - The Philippines is looking to improve bilateral relations with business groups from Sri Lanka eyeing trade and investment opportunities here, the Department of Trade and Industry (DTI) said.

The DTI said a high-level CEO forum organized by the Sri Lanka-Philippine Business Council in Colombo was attended by over 130 CEOs and top Sri Lanka business figures.

According to the DTI, the meeting focused on the Philippines as an attractive trade and investment destination, as well as explored high potential opportunities between the two countries for business cooperation.

Vicente Bandillo, Philippine Ambassador in Dhaka, Bangladesh which has concurrent jurisdiction over Sri Lanka, said he sees much potential in the trade and economic cooperation between the two countries.

However,  Bandillo said much has to be done to increase the bilateral trade between the Philippines and Sri Lanka which currently stands at around $40 million.

“We recognize and laud the efforts of the Philippine Honorary Consulate in Colombo and the Sri Lanka Philippine Business Council for the consistent strong interest shown in representing the Sri Lanka business community to do business with the Philippines, which culminated in the signing of a memorandum of understanding for stronger business cooperation between the Council and the Philippine Chamber of Commerce and Industry,” Bandillo said.

“We see great potential in developing strong economic ties between the Philippines and Sri Lanka, and the business council membership continues to grow reflecting the strong interest for Sri Lanka companies to work with the Philippines as a trading partner judging from the highly progressive economic developments in the country which we have seen for the past three years during our business missions,” said Honorary Consul Hugh Sriyal Dissanayake, Sri Lanka-Philippines Business Council founder.