Cambodia Investment Review

PhilCham Cambodia hosts inaugural event, signs agreement to promote economic cooperation

PhilCham Cambodia hosts inaugural event, signs agreement to promote economic cooperation

Brian Badzmierowski

The Philippine Chamber of Commerce in Cambodia (PhilCham) hosted its inaugural networking event on December 9 at the Hyatt Regency Hotel, almost one year after the chamber was formed.

The chamber’s Executive Director Sundee Viñas said: The pandemic has changed the landscape of how we do business. We’ve seen a sudden rise in e-commerce as well as virtual meetings and conferences.

However, it is always a pleasant experience to meet people in person, build connections, foster relationships, and exchange ideas through traditional meetings.

We will continue to create more of these while making sure that health, safety, and security measures are in place.”

The night featured a raffle and a short speech by PhilCham president Benilda Custodio-Fernando, who said everyone had suffered through the pandemic but she was delighted to finally be able to bring business people together to network and promote the Philippines.

Concerning the plans for the year ahead, PhilCham Board Member, Rowena Medina said: “We will continue to work on our plan to serve as the bridge between the Philippines and Cambodia and fulfill our goal of assisting business exchange.”

President of the Cambodia Chamber of Commerce Kith Meng signs an MOU between Cambodia and the Philippines on December 2.

PhilCham Cambodia was incorporated on January 27 this year

On December 2, Philippines Chamber of Commerce and Industry based in the Philippines signed a Memorandum of Understanding with the Cambodia Chamber of Commerce to help promote economic cooperation between the two countries, particularly in the IT, agriculture, services, and tourism sectors.

The two chambers also pledged to help develop SMEs and agreed to host trade missions, conferences, and exhibitions, as well as pair businesses together from each country.

The MOU was signed virtually by President of the Cambodian Chamber of Commerce Kith Meng and President of Phillipines Chamber of Commerce and Industry AMB. Benedicto V. Yujuico.

His Excellency Deputy Prime Minister Prak Sokhonn and Honorably Teodoro L. Locsin, Secretary of Foreign Affairs of the Republic of the Philippines, in attendance.

As previously reported in Cambodia Investment Review, five well-known Filipino franchisors participated in a virtual business to business workshop after identifying Cambodia as a potential next market destination.

The five franchisee brands that participated in the event was the most popular Filipino fast-food chain Jollibee, retail and apparel Bench, food and snacks store Kerrimo, shoe and bag repairs Mr. Quickie, and youth fashion brand Penshoppe.

Trade between the two countries reached $67.33 million in 2020, with Cambodia importing $33.13 million of goods and exporting $34.2 million in goods, according to the United Nations.
Cambodia’s main imports were cereal, flour, starch, milk preparation and products; fabric; and vehicles.

The Kingdom’s top exports to the Philippines were apparel, vegetables, fruit, and electronic equipment.

Ties between the two nations go back to the 6th century but official diplomatic relations were established in 1957.

The Philippines closed its embassy in Phnom Penh in 1975 at the start of the Khmer Rouge regime. Relations resumed in 1994 and the embassy re-opened in 1995.

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