- Marcos Jr.’s Cambodia visit focuses on trade, crime & ties.
- Opportunities seen in agriculture, manufacturing & IT-BPO.
- Tourism, direct flights eyed to boost bilateral engagement.
Analysts noted that the recent official visit to Cambodia by Philippine President Ferdinand Marcos Jr. was largely intended to strengthen bilateral relations, address shared challenges, including transnational crime, and explore new pathways for economic cooperation.
The bilateral trade between the two countries was only 110 million USD in 2023, which is small given their potential. Economists indicated current levels were small but offered a significant opportunity for growth.
According to Carlo Asuncion, Chief Economist of UnionBank of the Philippines, there are opportunities beyond traditional trade, especially in agriculture, manufacturing and digital services that have excellent outlooks. Asuncion pointed out Cambodia's growing prominence as a manufacturing hub and location in the greater Mekong subregion that would make it an attractive partner for diversifying supply chains.
In relation to modernization, the Philippines could use its comparative advantage in electronics, information technology and business process outsourcing, in support of Cambodia's modernization.
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Asuncion also mentioned opportunities for Philippine agribusiness partners to invest in a Cambodian processing facility which could be part of the Mekong agricultural value chain. The upside, he said was ensuring a stable supply of commodities for the Philippines and bolstering food security in the face of erratic climate change.
In terms of future engagement, tourism was also seen as an opportunity. Asuncion suggested that expanding direct flights and collaborative marketing could enhance the total number of Cambodian travelers to the Philippines.
Analysts believed the visit should be seen as a signal of Manila's more decisive effort to strengthen engagement with Cambodia, and that economic partnerships are likely to be increased in the next few years.