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  • Writer's pictureMelo Acuna

Closer PH-Russia economic ties expected

Closer PH-Russia economic cooperation seen

MANILA – Finance Secretary Carlos G. Dominguez III met with outgoing Russian Ambassador Igor Khovaev where they discussed different areas of economic cooperation between the two countries.

In a statement from the Department of Finance, Ambassador Khovaev, during his farewell courtesy call to Secretary Dominguez last Tuesday said there’s a possible cooperation agreement between the Bureau of Customs and the Federal Customs Service of Russia.

Taking note of Russia’s efficient value-added tax (VAT) collection structure, Secretary Dominguez asked the Ambassador for Russia’s assistance in helping the Bureau of Internal Revenue (BIR) to come up with a similar system.

Ambassador Khovaev said Russia has shared VAT collection technology with other countries and would assist the BIR in its effort to improve its system.

They also discussed a possible agreement on energy cooperation to help boost the Philippines power generation capacity.

During their meeting, Ambassador Khovaev mentioned the possibility of producing and distributing in the Philippines the vaccine developed y Russia. (Melo M. Acuña)

Finance Secretary Carlos G. Dominguez III (File Photo/Melo M. Acuna)

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