THE PHILIPPINES and Hungary recently concluded the 7th Session of the Joint Commission on Economic Cooperation (JCEC) in Budapest, the Department of Trade and Industry (DTI) said.
“The JCEC took stock of cooperation initiatives in trade, education, agriculture, labor mobility, energy, science and technology, business partnerships, and people-to-people exchange,” the DTI’s Bureau of International Trade Relations said in a social media post.
The JCEC was led by Philippine Trade Undersecretary Allan B. Gepty and Hungarian Deputy Minister and Parliamentary State Secretary Levente Magyar.
Aside from the JCEC, Mr. Gepty also participated in the Hungary-Philippines Business Forum, where Philippine and Hungarian businesses engaged in matching sessions.
Mr. Magyar described Hungary’s partnership with the Philippines as strategically important, citing recent economic successes.
“Hungarian agricultural exports to the Philippines increased seven times in the last few years,” he said on Facebook.
“Hungary employs the highest number of Filipino workers in the European Union — in jobs not filled by Hungarians — who play an important role in strengthening the domestic economy,” he added.
According to Tradeline Philippines, Hungary exported $31.7 million worth of goods to the Philippines last year, with $93.9 million worth of Philippine goods going the other way. — Justine Irish D. Tabile