The Philippine International Trading Corp. (PITC), the trading arm of the government, targets to become a global trading firm by 2022.
This was announced by PITC President Dave Almarinez during the signing of the Memorandum of Understanding (MOU) renewing its trade partnership with Hungary during the 1st Philippines-Hungary Online Business Forum and B2B Event. Dr. Kristof Szabo, CEO of Hungarian Export Promotion Agency (HUPA), a non-profit private company, signed the MOU.
In his speech, Almarinez highlighted the state firm’s programs that have been established over the years.
With its programs in place, Almarinez said that PITC targets to become a global state trading by next year, 2022.
“By 2022, PITC shall be a global state trading and marketing enterprise in support of the development of domestic industries,” he said.
On the renewal of its partnership with HUPA, Almarinez said the agreement should further strengthen trading between the two countries.
“This is a significant collaboration between PITC and HUPA in expanding trade opportunities that will contribute to economic developments,” said Almarinez.
The renewal of the MOU seeks to further strengthen ties to do international trade, cooperation and expand opportunities for mutually beneficial business.
Both parties signed the first MOU in 2019 that facilitated some import export activities for both countries. The Philippines undertaken some imports from Hungary from agriculture, aviation, winery, and technology. There were also some form of Hungarian investments to the Philippines, he said.
For the Philippines-Hungarian renewed partnership, Almarinez highlighted its countertrade and industrial collaboration program.
Industrial collaboration is a program which is used to support national industries and a country’s technological needs. It has been implemented in industries such as defense, aerospace, ship building, electronics, communications, computer and, power generation.
With more than 47 years of experience in international trading, Almarinez said they have played a crucial role in the trading industry, their clients and in advancing trade for the Filipinos.
Aside from export and import trading activities, PITC is also involved in trade-related auxiliary services including warehousing and logistics, procurement and distribution of goods and commodities, forging dealerships and establishing joint ventures, and countertrade/special trading arrangements.
Its major programs include counter purchase or counter exports; offsets (investments, technology transfers, donations or grants); and industrial cooperation (in-country production or assembly, servicing or maintenance and/or support to allied local industries including research and development).
For instance, Almarinez cited the success of its first countertrade model, the Armed Forces of the Philippines procured armored personnel carriers (APC) from a British supplier with a 100 percent countertrade component resulting not only in exports but also establishment of a local assembly facility for the said APCs in Subic.