The Bulgarian Chamber of Commerce and Industry is strengthening its partnership with the Philippine Chamber of Commerce and Industry

At the initiative of Rico Ledesma, Honorary Consul of the Republic of Bulgaria to the Philippines, an online meeting was held between the leadership of the Bulgarian Chamber of Commerce and Industry (BCCI) and the Philippine Chamber of Commerce and Industry.

At the beginning of the discussion, Ledesma welcomed the participants and emphasized that the event marks the beginning of closer cooperation between the two organizations and will contribute to strengthening the economic ties, information exchange, and the development of business contacts between Bulgaria and the Philippines.

Tsvetan Simeonov, President of the BCCI, expressed the Chamber's readiness, in the shortest possible time, to sign a memorandum of understanding, coordinated between the two organizations.

During the meeting, the main advantages of Bulgaria as an investment destination were presented. It was noted that the country has one of the lowest ratios of government debt to gross domestic product in the European Union. An emphasis was also placed on the tax policy, including the possibility of a zero corporate tax rate in municipalities with high unemployment, which aims to encourage investment and regional development.

Both parties discussed opportunities for expanding bilateral cooperation in areas such as tourism, the pharmaceutical industry, agricultural machinery manufacturing, and the food processing industry. The Philippine side expressed its readiness to assist in securing qualified personnel for the tourism and hospitality sector in Bulgaria. The potential for increasing the import of tropical fruits from the Philippines was also highlighted.

Ferdinand Ferrer, President of the Philippine Chamber of Commerce and Industry, confirmed the organization's readiness to sign the memorandum of cooperation, which will create better conditions for developing the partnership between the businesses in the two countries. He emphasized that the Philippines as a county has a strong interest in the markets of Central and Eastern Europe and views Bulgaria as a promising partner and a gateway to the European Union market.

During the presentation of the Philippine economy, it was noted that the country has a highly developed industry in the field of the integrated microelectronics, as well as significant exports of agricultural produce, including mangoes, coconuts, bananas, and other tropical fruits. At the end of the meeting, the two chambers confirmed their desire to actively develop bilateral cooperation through the exchange of business delegations, the organization of joint initiatives, and the support of companies from Bulgaria and the Philippines in establishing new trade and investment partnerships.