PCCI, FMM seal pact for ASEAN-wide Manufacturing Network
The Philippine Chamber of Commerce and Industry, the country’s largest business organization, and the Federation of Malaysian Manufacturers recently signed a partnership agreement to create an ASEAN-wide manufacturing network to serve as a platform and voice of manufacturing sector in Southeast Asia.
Singing the agreement were PCCI President Benedicto V. Yujuico and FMM President Tan Sri Soh Thian Lai. The virtual signing coincided with the 46th Philippine Business Conference and Expo that was participated by almost 2,000 business delegates from Philippines and abroad.
“This is truly a remarkable milestone for PCCI and FMM. We know that FMM has consistently led Malaysian manufacturers in driving the growth and modernization of Malaysia. We hope that we could do the same for the Philippines by learning from each other,“ PCCI President Benedicto V. Yujuico said.
The MOU seeks to create a regional manufacturing network, strengthen trade and investment between the two countries and create a conducive business environment for both Filipino and Malaysia companies.
Yujuico looks forward to more exciting cooperation and exchanges of best practices between the Philippines and Malaysia and other chambers of commerce in ASEAN that have signed up for this initiative.
“We hope to already be able to establish our joint working group composed of representatives from our organizations to realize our objectives to restructure production networks under the ASEAN Manufacturing Network,” Yujico said, adding that one of the areas that he will push for would be the development of the Halal industry including food and non-food products and services, among others.
The Philippines have always considered Malaysia as one of its closest allies. In 2019, the Philippines is Malaysia’s fourth largest trading partner among the ASEAN countries. Total trade between our two countries is at 6.5 billion US dollars in 2019 with Philippine exports to Malaysia amounting to 1.8 billion US dollars while imports from Malaysia is at 4.7 billion US dollars.