Ukraine is making a concerted effort to increase its trade volume with the Philippines, which currently stands at just over $60 million, a figure that Ukrainian Ambassador Yuliia Fediv describes as modest compared to other Southeast Asian nations. The Philippines ranks behind Malaysia, Indonesia, Thailand, Singapore, and Vietnam in terms of trade with Ukraine. Fediv expressed optimism about moving the Philippines into the top three trading partners within three years, emphasizing the potential for growth beyond the current focus on agriculture and electronics. Philippine exports to Ukraine consist mainly of processed food products like banana chips, while Ukraine exports agricultural goods such as wheat flour and sunflower oil. The relatively low trade volume has been partly attributed to the late establishment of Ukraine's embassy in Manila, which opened in December 2024. To foster economic ties, Ukraine has appointed a first secretary for economic affairs and is facilitating business connections through chambers of commerce. Additionally, discussions are underway for a memorandum of agreement between the Philippine Chamber of Commerce and the Ukrainian Chamber of Commerce. Ukraine is also interested in defense cooperation with the Philippines, including potential drone coproduction.