Relations between the Philippines and Iceland, particularly on economic cooperation, has been reinforced through the years.
The Philippines and Iceland have been steady partners in the areas of maritime, mining, renewable energy, medical services, fisheries, and geothermal energy.
Iceland’s investments in the Philippines include the Biliran Geothermal, Incorporated, which is a joint venture of Filtech Energy Drilling Corporation (FEDCO) and ORKA Energy Philippines where ORKA Energy of Iceland has equity. ORKA Energy of Iceland is a geothermal development company which specializes on the exploration and development of steam fields, and harnessing of geothermal resources for electricity production and district heating.
The cooperation between the Philippines and Iceland is also manifested with the continued employment of Filipinos in Iceland as nurses, and office and factory workers.
The Philippines maintains a Consulate in Reykjavik, Iceland, through Honorary Consul Maria Priscilla Zanoria.
Diplomatic relations between the Philippines and Iceland was established on 24 February 1999 and have resulted to the following agreements:
- Agreement between Iceland and the Philippines on the Abolition on Non-Immigrant Visa Requirements (06 August 1974)
- Joint Communique on the Establishment of Diplomatic Relations between Iceland and the Republic of the Philippines (24 February 1999)