MANILA, Philippines -- Maximizing on their countrie€™s rising economic importance, the Philippines and Indonesia on Monday vowed to further enhance their trade and investment ties.

In his speech after meeting with Indonesian President Joko Widodo, Philippine President Benigno Aquino III said they discussed ways on how to increase trading between the two countries.

€œ"The opportunities are certainly there, especially given that Indonesia and the Philippines are two of the fastest growing economies in the region,"€ he said.

Widodo, in his speech, said he is grateful of his country’s trade partnership with the Philippines.

" with respect to the economic field and cooperation, I would like to increase our trade volume, to double the trade volume by 2016",€ he said.

And also I wish to invite investors in the Philippines to Indonesia in the maritime sector and fisheries sector,” he added.

Indonesia was the Philippines’ 11th largest trade partner in 2013, with total trade amounting to $3.62 billion.

Aside from being among the top performers in the region in terms of domestic output, both countries currently enjoy investment grade ratings from major debt watchers.

In 2014, the Philippines ended as Asia’s second best-performing economy after China after churning in a 6.1 percent growth.

It was slower than programmed on account of the impact of congestion in Manila ports in most of the year after the Manila City government implemented an expanded truck ban from February to September last year.

The truck ban affected domestic supply conditions, which also resulted to spike in inflation rates.

However, coordination among the local and national government as well as the private sector addressed the issue enabling the domestic economy to recover in the last quarter of the year.

Relatively, Indonesia, a member of the G20, grew at its slowest in five years as of end-September 2014 after posting a five percent growth. Full-year output is seen at about five percent.

Widodo bids to regain their economy’s footing by addressing issues on infrastructure and red tape.

By msn.com

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