San Francisco, California
November 17, 2023

“Thank you also for finding time in our very busy schedule during this APEC meeting, to have this bilateral meeting that we are having now. I think it’s important especially as you are taking over in your APEC Chairmanship for the next round of conferences,” conveyed President Ferdinand R. Marcos Jr. to President Dina Boluarte of the Republic of Peru during their bilateral meeting on the sidelines of the 30th Asia-Pacific Economic Cooperation (APEC) Economic Leader’s Meeting (AELM) in San Francisco, California.

“This is particularly important in this time in our history because the importance of the alliances and the partnerships that we forge in this time, as we are trying to recover, to transform our economies after the pandemic and in the face of the many geopolitical shocks that both our countries are feeling,” the President added.

Beyond the history of friendship, the Philippines and Peru have regularly supported each other in various multilateral fora, including the United Nations (UN) and the Forum for East-Asia-Latin America Cooperation (FEALAC), as well as through initiatives such as the APEC-Pacific Alliance and Association of Southeast Asian Nations (ASEAN)-Pacific Alliance dialogues. The Republic of Peru will be hosting the APEC Summit in 2024.

“The COVID pandemic pretty much changed everything…And because of that we have to transform ourselves, to position ourselves for us to be active players in the world, in the global economy, and it is my belief that partnerships and alliances will provide the stability that we need in this very volatile international sphere,” he further stated.

President Marcos Jr.’s meeting with President Boluarte, who is Peru’s first female President, came at an opportune time as the Philippines and Peru are set to celebrate 50 years of diplomatic relations next year. In light of this milestone occasion, the Peruvian President extended an invitation for President Marcos Jr. to undertake a State Visit in celebration.

During the meeting, President Boluarte expressed Peru’s interest in reopening an Embassy in Manila and invites the Philippines to consider reciprocating the gesture. She emphasized that this step is crucial for further strengthening diplomatic relations between their two countries.

“I would like to reiterate my invitation for you to visit our country and also to invite you to invest in Peru. Peru is a very economically stable country, we have the lowest inflation rate in the region… We look forward to welcoming you to Peru,” the Peruvian leader stated.

In 2022, the Philippine’ exports to Peru reached US$36.3 million. Among its main exports are electronic products, tuna, other manufactures, non-metallic mineral manufactures and chemicals.

Meanwhile, the country’s imports from Peru were recorded at US$2.9 million in the same year. The main imports from the South American country include metalliferous ores and metal scrap, non-ferrous metal, feeds for animals, metal products, and articles of apparel and accessories.

Other areas for investment promotion in Peru include manufacturing (electronics, energy sector products, food/agribusiness, aerospace), infrastructure and energy.