Manila City, Philippines –– The Philippines and Hungary convened for the 6th Joint Commission on Economic Cooperation (JCEC) meeting from 02 to 03 December 2024. This meeting underscored the developments in their bilateral relations and explored new opportunities to bolster their economic collaboration.

The meeting was co-chaired by Department of Trade and Industry (DTI) Undersecretary for International Trade Allan B. Gepty and Ministry of Foreign Affairs and Trade Deputy State Secretary of External Economic Relations Katalin Bihari. Officials from various government agencies of both countries also participated.

During the proceedings, both sides highlighted the steady growth of Philippines-Hungary trade relations over the past three years. They emphasized a shared commitment to realize the untapped export potential in key sectors such as machinery, electronic equipment, and horticulture, among others.

To further solidify this partnership, the two countries agreed to enhance cooperation across critical areas such as trade and investment, water management, agriculture and scientific research, environment, science and technology, information and communication technologies, space science and technology, energy, education and vocational education and training, labor, and social security.

These efforts will be supported by the JCEC and the anticipated Philippine-European Union Free Trade Agreement, both of which will facilitate new opportunities for collaboration.

Similarly, the recent establishment of the Philippines-Hungary Business Council is set to enhance commercial exchanges and further promote industry collaboration.

“It is good to note that from the time the JCEC was established we have seen not just an increase in bilateral trade between the Philippines and Hungary but also active engagement of the private sector including the establishment of the Philippines-Hungary Business Council,” Undersecretary Gepty stated.

To date, there are a significant number of signed agreements and ongoing cooperation activities between the Philippines and Hungary.

In conjunction with the JCEC meeting, the Board of Investments and the Hungarian Embassy in Manila organized a business forum to facilitate dialogue and networking. This initiative aimed to identify opportunities that align with the economic priorities and capabilities of both the Philippines and Hungary. The forum was attended by Filipino and Hungarian business delegates representing electronics, agribusiness, manpower, transportation, startups, healthcare, and information technology sectors.

Since the inaugural meeting of the JCEC five years ago, the Philippines and Hungary have built a robust economic relationship. This partnership has led to initiatives such as education programs through the Stipendium Hungaricum scholarship, joint research and development projects in agriculture, provision of water treatment equipment to typhoon-affected areas, resolution of market access issues, and expansion of employment opportunities for skilled workers in sectors like manufacturing.

The recent discussions reaffirmed both countries’ mutual commitment to strengthening bilateral ties, which reflects their shared vision for deeper, more meaningful cooperation. ♦

Date of release: 23 December 2024

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