OREANDA-NEWS  The Philippines hopes for a breakthrough in trade and investment with Russia and expects both countries to trade globally, Finance Minister Ralph Recto told RIA Novosti.

"I hope that we will trade with each other globally. There is nothing significant yet," he told the agency on the sidelines of the annual ministerial meetings of the International Monetary Fund (IMF) and the World Bank in Washington, commenting on the possibility of a breakthrough in trade and investment between Moscow and Manila.

The Rector also expressed regret that currently economic relations between Russia and the Philippines are not actively developing.