Governor of the Central Bank of the Philippines Amando M. Tetangco and Iran's Ambassador to Manila Ali-Asghar Mohammadi on Tuesday explored new avenues to expand economic ties as well as banking cooperation.
At the meeting, the Filipino official expressed content with the recent agreemnt between Iran and the six world powers, and said termination of anti-Iran sanctions in the near future will help trade exchange between the two countries and facilitate investment.
Tetangco vowed that the Philippines banking officials will review banking cooperation between Iran and the Philippines in the first coming meeting.
The Iranian official elaborated on the Joint Comprehensive Plan of Action (JCPOَA) and hoped the anti-Iran sanctions would be lifted in the next few months.
Bilateral relations between the Tehran and Manila started on August 16, 1974. Iran invested $125 million in the Philippines’ petrochemical market in 2008.
The value of oil exports from Iran to the Philippines was pegged at $83 million in February 2012.
Both countries are eyeing to increase cooperation in areas of tourism, food production and industries, energy, construction, technology, science and culture.