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Philippines to rely on UAE for energy needs

posted on 25/04/2004: 654 views

The Philippines will continue to rely on the UAE for energy imports that form the bulk of trade between the two countries, a senior diplomat said, adding that there are many areas for greater cooperation. Also, a Dubai-based group is investing in a multi-million dollar project in the agricultural sector of Philippines. Current trade between the two countries hovers around US$538 million, with the UAE's exports totalling US$38 million comprising mainly petroleum and related products.

Exports from the Philippines comprise some US$100 million. "The Philippines will rely on the UAE for its future energy needs. The UAE is now the third top market for our oil and gas requirements," said Ambassador Libran N. Cabactulan after the formal opening of the Philippines Business Council in Abu Dhabi.

Judging by the number of Filipinos in the UAE and their remittances to their home country totalling US$77 million annually, economic relations must be stronger. The Abaranzeny Group of Saudi Arabia has also invested in a banana plantation in the Philippines. (The Emirates News Agency, WAM)


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