PHILIPPINE AMBASSADOR TO PORTUGAL AND DEPARTMENT OF FINANCE UNDERSECRETARY PLAN TO ENHANCE TRADE RELATIONS WITH PORTUGAL

7 October 2024, Lisbon – The Philippine Embassy in Portugal met with Finance Undersecretary Renato Reside, Jr. and other Department of Finance (DOF) and National Tax Research Center officials who were on a working visit in Lisbon from 7 to 13 October 2024. The meeting aimed to align the objectives of the working visit with the ongoing efforts of the Philippine Embassy in strengthening the economic relations between the Philippines and Portugal.

Ambassador Paul Raymund P. Cortes, Philippine Ambassador to Portugal, briefed the officials on the Portuguese agencies and institutions that the DOF delegation was scheduled to meet, which included the Ministry of Foreign Affairs (MNE), Ministry of Finance and the Tax and Customs Authority (ATA), Agency for Investment and Foreign Trade of Portugal (AICEP), the Directorate General of Food and Veterinary (DGAV) of the Portuguese Ministry of Agriculture, several universities, among others. The Ambassador also provided a background on the current status of Philippines-Portugal trade relations and recommended possible areas of cooperation that the DOF officials may consider as starting point for its meetings.

During the meeting, Undersecretary Reside expressed appreciation for Ambassador Cortes' efforts and initiatives in promoting Philippine interests in Portugal, particularly in the areas of trade and investment. 

The DOF officials were in Lisbon for a working visit to promote the Philippines as a potential investment destination, particularly in the fields of renewable energy, semiconductors, and climate financing. In addition, the DOF officials also exchanged views on tax policy and administration in light of e-commerce and digitalization with its Portuguese counterpart, discussed possible collaborative research on relevant fields with universities, and explored opportunities for higher education and skills training opportunities for Philippine government officials and Filipino scholars.

The meeting concluded with a commitment to work more closely to advance mutual goals with the view to further enhance the economic partnership between the Philippines and Portugal. END