LAHORE - The Ambassador of Philippines Jaime J Yambao has said that Philippines, with dynamic consumer market, has unlimited scope for Pakistani businessmen dealing in pharmaceuticals, rice, textile yarns, Leather and fresh fruits particularly oranges. The Philippines Ambassador was speaking at the Lahore Chamber of Commerce & Industry on Friday. The LCCI President Mian Muzaffar Ali, Executive Committee Member Shahzad Azam Khan and Khamis Saeed Butt also spoke on the occasion. The Ambassador said that the Philippines would continue to be the heavy importer of these products. It could be a major buyer of rice from Pakistan in near future as does not have enormous natural irrigation system. He said that Philippines is an open economy and allows 100% foreign ownership in all sectors. Government corporations are being privatized and banking, insurance, shipping, telecommunications and power industries have been deregulated. The Ambassador said that there is dire need for the business communities of the two sides to join hands for joint ventures as Philippines trade with Pakistan constitutes less than 10 pc of Philippines trade with the world. Speaking on the occasion, the LCCI President Mian Muzaffar Ali assured the Ambassador of his full cooperation for increasing the volume of two-way trade. He said that despite an increase of 169 percent in the trade between the two countries over the last four years, both the countries have a lot of potential to expand their trade. He said that Pakistan's major exports to Philippines include cotton, cereals and pharmaceutical products, but these form a very little segment of Philippines total import of these commodities from rest of the world. Pakistan is one of the largest producers of cotton and rice in the world. The aroma and quality of Pakistani rice is just superb. Pakistan has also a highly developed pharmaceutical industry.