Colombia seeks investment opportunities in Philippines BPO sector
Colombia and the Philippines have officially committed to explore trade and investment opportunities in sectors such as information technology and business process outsourcing (BPO). The agreement was reached following the 4th bilateral consultation mechanism (BCM) meeting between Manila and Bogota last week. The two sides are set to convene again at the 5th BCM in Colombia in 2019 to follow up on the earlier discussions. As part of the discussions last week, the Philippine government has expressed willingness to open an embassy in Colombia as the two governments start to explore the ways to strengthen bilateral ties. As of 2013, the Philippines’ total exports to Colombia totaled only US$21.6 million, while Colombia’s exports to the Philippines were at US$10.7 million – a small chunk of both nations’ trade.