Philippines, Thailand strengthen economic partnership

The Joint Commission for Bilateral Cooperation (JCBC) between the Philippines and Thailand, held its fifth meeting in Manila on June 20-21, 2013. The Philippines and Thailand are founding members of the Association of Southeast Asian Nations.

The 5th JCBC Ministerial Meeting was co-chaired by Department of Foreign Affairs Secretary Albert F. del Rosario and Thailand Deputy Prime Minister and Minister of Foreign Affairs Surapong Tovichakchaikul, who was also on official visit to the Philippines. President Benigno S. Aquino III welcomed Deputy Prime Minister and Foreign Minister Surapong in Malaca?ang on June 21, 2013.

The 5th JCBC Meeting provided updates on political and economic developments in the two countries. The First Joint Trade Committee Meeting will be convened in September, 2013, in the Philippines. An exchange of English teachers in July this year is expected to improve language proficiency of the Thai people. Thailand will supply OV-10 aircraft spare parts to the Armed Forces of the Philippines. The Philippines will convene the First Joint Commission on Defense Cooperation next year. Thailand will exchange information with the Philippines on best practices in protecting overseas Filipino workers.

Three documents were signed at the 5th JCBC Meeting - a convention for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income; establishment of an Energy Forum; and cooperation between the Thailand-Philippines and the Philippines-Thailand Business Councils A Memorandum of Understanding was signed by the Philippine Chamber of Commerce and Industry (PCCI) and the Joint Standing Committee on Commerce, Industry, and Banking to develop trade and investment partnership between Philippine and Thai companies. The PCCI met with a delegation from the Federation of Thai Industries, whose members eye joint ventures in agriculture, construction, energy, food, and infrastructure.