By Ruth Abbey Gita-Carlos
MANILA – The Philippines and Cambodia on Tuesday signed eight agreements on key areas such as trade and investment, agriculture, education, tourism, and information and communications technology (ICT).
The signed agreements were presented on the sidelines of the bilateral meeting between President Ferdinand R. Marcos Jr. and Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet at Malacañan Palace in Manila.
Among the deals forged during Hun Manet’s first visit to the Philippines was the Agreement for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance, which aims to reduce tax burdens for investors from both countries to secure more bilateral investments.
The two countries also signed a memorandum of understanding (MOU) on the Implementation of Competition Law to boost inbound investments and promote a business-friendly environment.
A memorandum of intent (MOI) was also signed to enable them to exchange information on strategies and practices in investment promotion and in attracting investments.
In a joint statement, Marcos expressed confidence that the deals on trade and investment would entice more Cambodian businesses to invest in the Philippines.
“On trade and investment, we welcome our formal cooperation on the avoidance of double taxation and the exchange of best practices in competition law that the Philippines and Cambodia both consider as critical to entice and facilite greater bilateral investments and economic activities between our business sectors,” Marcos said.
“To our friends from Cambodia, I wish to reiterate that the Philippines is open for business and we welcome the opportunity to partner and achieve greater commercial successes with you,” he added.
The MOU on Agricultural and Agribusiness Cooperation was also signed to facilitate the Philippines and Cambodia’s agricultural planning and further enhancement of international trade and agribusiness investments.
Marcos said the Philippines considers Cambodia “an important partner in ensuring food security,” adding that the agreement would help promote a “stronger collaboration in agriculture and in agribusiness” between Manila and Phnom Penh.
The two nations also inked an MOU to step up cooperation on Technical Vocational Education and Training (TVET) and another MOU for the Implementation Program for Tourism for 2024-2028, agreements that cover a multitude of activities like exchanges of knowledge and training individuals.
“These two instruments will lead to more vibrant exchanges between Filipinos and Cambodians learning together, using their skills to advance our industries and our economies, as well as experiencing the hospitality, warmth, and natural wonders of our respective countries,” Marcos said.
An MOU for formal collaboration on ICT and government digital transformation through exchanges of expertise and training was likewise signed.
Marcos said the deal would enable the Philippines and Cambodia to undertake “mutually beneficial” initiatives, such as sharing of technical expertise, common promotion of ICT projects, and capacity-building engagements.
The two countries also inked an MOU on Prevention of Looting and Illicit Trafficking of Cultural Property.
Marcos said the deal reaffirms the two nations’ commitment to safeguard highly-regarded cultural items, facilitate expert exchanges, and promote collaboration that can enable future generations to appreciate the remarkable representation of history and identity.
“Yet even with all our recent successes, there remains much work to be done. We are in the process of bolstering our cooperation in customs, higher education, and culture, among many other fields of endeavor. I am confident we will soon advance our bilateral cooperation in these important areas as well,” he said. (PNA)
