Malaysia and the Philippines are both founding members of the Association of Southeast Asian Nations (ASEAN), both countries are of the Malayo-Polynesian stock, and both are important trading partners. The maiden 3-day visit of President Bongbong Marcos (PBBM) to Malaysia on July 26-28 reciprocating the visit of our Prime Minister Datuk Seri Anwar Ibrahim to the Philippines on March 1-2 has further strengthened bilateral cooperation in multi-sectoral, covering business, trade and investments.
Malaysia and the Philippines have enjoyed a bilateral relationship that has already spanned 60 years. During their talks in Putrajaya, the leaders exchanged views on regional issues of mutual interest; identify new areas of economic cooperation between the two countries, with a focus on agriculture, food security, digital economy, tourism & P2P exchange. In 2022, the Philippines is Malaysia's 15th largest trading partner and 5th in ASEAN, with two-way trade hitting 9.42 billion USD, up 20.1% year-to-year.
In a statement shared by the Philippines Presidential Communications Office, PBBM's state visit to Malaysia yielded up to $285 million worth of investment pledges. He met with top Malaysian business leaders in his 3-day state visit. These commitments will have valuable contributions to the Philippines' continuous high economic growth.
As an alumni of the Asian Institute of Management (AIM) Manila and the former Hon. Secretary & Board of the Malaysia-Philippines Business Council (MPBC), I'm happy when PBBM said “The Philippines is one of the best-performing economies in the region. In 2022, the Philippines' registered a 46-year record-high growth rate of 7.6 per cent gross domestic product (GDP) growth - ranking high along Malaysia's 8.7 per cent in the same year. Amid the challenging global environment, Malaysia and the Philippines had and can weather the storms and stay the course towards sustainable economic growth by improving engagement with foreign investors and local business community."
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