The Philippines and Cambodia are intensifying their economic collaboration, building upon the Philippines’ notable gross domestic product (GDP) growth of 5.6% in 2024.
This development was highlighted during the recent Philippines-Cambodia Business Forum, where Department of Trade and Industry (DTI) Secretary Cristina A. Roque emphasized the nation’s economic achievements.
“I am delighted to share that our country is undergoing a dynamic period of economic growth and transformation, and we believe Cambodia can be a key partner in this journey,” Secretary Roque stated.
The forum underscored the Philippines’ advancements in sectors such as renewable energy, transportation, housing, semiconductors, and smart manufacturing.
These strides have been facilitated by initiatives like the Board of Investments (BOI) Green Lane and the Corporate Recovery and Tax Incentives for Enterprises Act, which aim to streamline business processes and attract high-value investments.
In a significant move to bolster bilateral trade, the Philippines and Cambodia have signed a double taxation agreement (DTA).
This accord is designed to eliminate double taxation on income earned in both countries, prevent tax evasion, and enhance economic cooperation, aligning with commitments under the ASEAN Forum on Taxation.
Additionally, the two nations have inked agreements to strengthen agricultural ties and investments.
These pacts pave the way for increased investment in Cambodia’s agriculture, particularly in rice production and trade, further solidifying the partnership between the countries.
Looking ahead, Secretary Roque acknowledged Cambodia’s strong support and announced the Philippines’ chairmanship of the 2026 Association of Southeast Asian Nations (ASEAN).
This leadership role presents a crucial opportunity for both nations to advance a sustainable, secure, and prosperous ASEAN.
The strengthening of economic ties between the Philippines and Cambodia reflects a shared commitment to leveraging each other’s strengths for mutual prosperity.
Through combined expertise and resources, both nations aim to unlock exponential growth and redefine the economic landscape of the region.
