BEIJING—The Philippines, through Department of Trade and Industry (DTI) Secretary Ramon Lopez, recently (20 October) encouraged China to level up trade and investments for both sides, during the Philippines-China Trade and Investment Forum at the Great Hall of the People in China.
Sec. Lopez said that although relationship between the two countries has had its highs and lows, China remains to be a major commercial partner of the Philippines, being the country’s 2nd major trading partner with $17 billion value in total trade.
China is also the country’s 4th largest export market and 1st or top import supplier. As of 2015, China is the 14th investment source of the Philippines in terms of Investment Promotion Agencies (IPA)–approved investments.
“The $17 billion total trade level can double or triple in a few years,” said Sec. Lopez, adding that the Philippines shares a long history of friendly and mutually-beneficial relations with China not only in terms of trade and investments, but also in cultural and social exchange.
“Huge opportunities still await that can easily leap frog the level of Chinese business transactions with the Philippines,” Sec. Lopez added. Noting that the influx of Chinese tourists in the Philippines in 2015 reached 500,000, the trade chief is optimistic that such figure can also be increased by two to four times, considering that there are over 100 million Chinese tourists in the world today.
Current Philippine export to China of about USD 6 million can likewise be doubled, as China’s total imports to the world amount to USD 2 trillion, according to Sec. Lopez.
The trade chief also emphasized that President Rodrigo Duterte’s goodwill with China has now led to the signing of several Memoranda of Understanding (MOUs) now amounting to USD 24 billion, generating over two million jobs for Filipinos in five years.
“Under President Duterte’s effective peace initiatives and inspiring leadership that are bringing the needed change in many fronts, the Philippines and Chinese business communities are sincerely optimistic now, more than ever, in seeing Philippine-Chinese business ties soar to an unprecedented high levels in the near future,” he concluded. (END)
Reden M. Miranda
DTI – OSEC, Public Relations Unit
4/F Industry and Investments Building, 385 Gil Puyat Avenue, Makati City 1200, Philippines
Tel. No.: (+632) 895.3994 |895.3995 | Fax No.: (+632) 890.4517 | Mobile No.: (+63) 916.742.7430
E-mail: RedenMiranda@dti.gov.ph
www.dti.gov.ph
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