The Philippines and Hungary signed several agreements on trade, education, agriculture and labor to advance bilateral cooperation.
The Department of Trade and Industry (DTI) and the Hungarian Ministry of Foreign Affairs and Trade (MFAT) welcomed the significant progress in bilateral ties since the establishment of the 2019 Joint Commission on Economic Cooperation (JCEC).
DTI Undersecretary Allan Gepty noted the positive impact of these agreements on Filipino stakeholders. “The Philippines and Hungary have forged an extraordinary friendship that goes far beyond diplomatic relations,” he said.
“We have built dynamic and productive economic ties over the past five years and are poised for further gains, particularly in trade and investments.”
Bilateral trade has steadily increased, reaching $189.84 million in 2022, reflecting a positive trend despite the challenges of the pandemic. Both exports and imports showed an upward trajectory, indicating the potential for further growth that would benefit businesses in both nations.
Hungary is the Philippines’ seventh-largest export market and 15th-largest GSP+ export market among the 27 European Union member states. This highlights the strong trade relationship between the two countries.
The Philippines sees significant potential for investment from Hungary in various sectors, including agriculture, information and communication technologies, digital technologies and water technologies.
Investment opportunities exist in key Philippine industries, such as renewable energy, green metals, electric vehicle manufacturing, and smart and high-tech light manufacturing.
Underscoring the commitment to deeper cooperation, around 60 Hungarian companies participated in the JCEC, showcasing their expertise in agribusiness, electronics, water treatment and supply, IT solutions, healthcare, shipbuilding, renewable energy, smart solutions and human resources/recruitment.
Hungary further solidified its commitment to educational exchange by offering a full-sponsored scholarship program for 35 Filipino students each year.
The program covers diverse fields, including agriculture and sustainable development, medicine, water management engineering and hydrology, architecture and protection of cultural heritage, natural sciences, and environmental sciences.
Looking ahead, both countries expressed their eagerness to implement the memorandum of understanding on Vocational Education and Training (VET) signed in 2022. This collaboration is expected to further enhance the skillset and employability of Filipino workers.
