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Anton Siluanov: Russia Could Match China’s US$24 Billion Philippine Investments

While President Rodrigo Duterte and Russian President Vladimir Putin met at the APEC sideline on Saturday, Russian News Agency Rossiya Segodnya says the Kremlin could match China’s hefty investment to the Philippines.

Russian Minister of Finance Anton Siluanov, as reported by Rossiya Segodnya, said his ministry was already ordered by both President Putin and Prime Minister Dmitry Medvedev to prepare a plan for upcoming Philippine investment.

“If our brother China can provide $24B to the Philippines, so are we. The potential for Russian companies to invest in the Philippines’ untapped mining grounds are endless”, Siluanov said.

The Minister pointed out that the majority of Russia’s “possible investments” will focus on mining (especially Nickel where the Philippines is the major exporter, followed by Russia), arms manufacturing, agriculture machinery manufacturing, and transportation.

The paper also said that Prime Minister Dmitry Medvedev sat with Russian businessmen on October 28 and discussed possibilities on investing to the Philippines. “So far, the Prime Minister received a unanimous positive feedback from Russian business people”, the paper said.

China’s $34B business package is already a gigantic investment that could hasten the country’s economic growth, and if Russia put the same amount, the economic growth will be tremendous.

Analysts already forecast that the $24B investment could create one million jobs, and another one million jobs will be created if Russia invests the same amount. The Philippines could lower the unemployment rate by 10% – something that never happened before in the history of Philippine economy. /Danilo Padua/

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