The Cyprus-Philippines Business Association, established by the Cyprus Chamber of Commerce & Industry, aims to strengthen socioeconomic and commercial bonds between Cyprus and the Philippines. It seeks to expand trade, boost imports and exports, foster economic collaboration, and unlock potential opportunities for Cypriot enterprises. Dominique Laconico, of Cleverpath Holdings, has been elected as the inaugural president of the association, with the vision of intensifying the socioeconomic and commercial bonds between the two countries.
What is the purpose of the Cyprus-Philippines Business Association?
The Cyprus-Philippines Business Association, established by the Cyprus Chamber of Commerce & Industry, aims to strengthen socioeconomic and commercial bonds between Cyprus and the Philippines. It seeks to expand trade, boost imports and exports, foster economic collaboration, and unlock potential opportunities for Cypriot enterprises.
A New Era of Trade and Cooperation
In a significant stride towards fostering economic collaboration, the Cyprus Chamber of Commerce & Industry (Keve) has taken a proactive step by establishing the Cyprus-Philippines Business Association. This initiative is part of Keve’s ongoing commitment to carve new pathways for Cypriot enterprises and unlock potential opportunities.
The Inception of the Cyprus-Philippines Business Association
Keve’s establishment of the Cyprus-Philippines Business Association marks a milestone in international relations and economic diplomacy. Dominique Laconico, at the helm of Cleverpath Holdings, has been elected as the inaugural president of this promising collaboration. His vision is clear: to intensify the socioeconomic and commercial bonds between Cyprus and the Philippines. This includes broadening the scope of imports and exports, as well as an array of services.
Diplomatic Acclaim
The birth of the association has garnered praise from notable figures, including Giovanni E. Palec, the Ambassador of the Republic of the Philippines to Greece and Cyprus. Ambassador Palec envisions the association as pivotal in cementing the friendly and deep-rooted relations between the two countries. He cites their shared dedication to democracy, multilateralism, and international law as the foundation for enhanced trade and investment opportunities.
Charmagne Garcia-Laconico, the Honorary Consul of the Republic of the Philippines to Cyprus, also welcomed this new chapter in bilateral relations. The association is now open for membership to companies and individuals from both Cyprus and the Philippines who are keen to engage in this collective journey.
Economic Landscape: A Snapshot
Recent financial accounts have shed light on the economic climate in Cyprus. As per data released by the Statistical Service, Cyprus faced a €26.62 billion deficit in its net financial position at the close of 2022. Despite this, the country’s financial assets, amounting to €686.93 billion, remain robust. These assets encompass a diverse portfolio with a significant portion in equities and shares, along with substantial cash and deposits.
On the liabilities front, the economy grappled with €713.65 billion by the end of December 2022. Interestingly, the composition of these liabilities mirrored that of the assets, with equities and shares taking the lion’s share.
Diving into household assets, the figures stood at €55.96 billion at the year’s end, with a preference for liquidity as evident in the dominance of cash holdings. The private sector’s borrowing hovered at €19.83 billion, representing a sizeable percentage of the nation’s GDP.
Non-financial corporations presented a varied asset distribution, with a significant allocation in shares and a substantial amount in other financial items. The sector’s total loans were recorded at a striking €39.51 billion, surpassing the GDP.
Market Movements: Cyprus Stock Exchange
The Cyprus Stock Exchange, capturing the ebb and flow of the market, concluded a trading day with losses. The general index and sector-specific indices such as the FTSE / CySE 20 Index saw modest declines. The transactional activity summed up to €109,098, drawing the attention of investors towards a handful of key players, including the Bank of Cyprus and Hellenic Bank, among others.
Bridging Business Worlds
For those looking to be part of this exciting venture and to explore the limitless possibilities it offers, inquiries and registration can be directed to Lily Michaelides at lily@ccci.org.cy or via phone at 22889706. The collaboration stands as a testament to the power of partnership, paving the way for a future where Cyprus and the Philippines flourish together in economic harmony.
Quick Recap
- The Cyprus-Philippines Business Association aims to strengthen socioeconomic and commercial bonds between Cyprus and the Philippines.
- Dominique Laconico of Cleverpath Holdings has been elected as the inaugural president of the association.
- The association has garnered praise from notable figures, including the Ambassador of the Republic of the Philippines to Greece and Cyprus.
- Cyprus faced a €26.62 billion deficit in its net financial position at the close of 2022, but its financial assets remain robust.
- The Cyprus Stock Exchange concluded a trading day with losses, with the general index and sector-specific indices seeing modest declines.
