27 June 2013 - Foreign Affairs Secretary Albert F. del Rosario received today at the Department of Foreign Affairs Mrs. Marie-Gabrielle Ineichen-Fleisch, State Secretary for Economic Affairs, Federal Department of Economic Affairs, Education and Research of the Swiss Confederation, who is in the Philippines for an official visit from June 26 to 28.
During the call on Secretary del Rosario, both officials discussed bilateral relations between the Philippines and Switzerland including trade and investments and development cooperation. They also exchanged views on regional and international developments.
In 2012, Switzerland ranked as the Philippines’ 24th major trading partner (out of 214 countries), 18th largest export market (out of 212 countries), 29th top import supplier (out of 171 countries) and is the country’s 5th largest export market in Europe. Total trade between the two countries was valued at around US$646.79 million.
There are around 60 companies with varying degrees of Swiss equity in the Philippines employing around 15,000 people. In terms of foreign direct investments, Switzerland is an important player in the Philippines with total investments amounting to US$2.5 billion. About one-third or 28% of said Swiss companies belong to the industrial sector while 72% are in the service sector.
While in Manila, the Swiss official will also call on National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan and Department of Trade and Industry (DTI) Secretary Gregory L. Domingo. Mrs. Ineichen-Fleisch will also meet Asian Development Bank (ADB) President Takehiko Nakao and representatives of the Swiss and Philippine business sectors.
The visit will be highlighted by the signing of the Philippines-Switzerland Agreement Establishing a Joint Economic Commission at the Department of Trade and Industry. The Agreement aims to provide a mechanism for consultations between Philippine and Swiss economic officials and also representatives from the private sector with the overarching objective of improving the business environment of the two countries.END