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Philippines: Philippines-China trade to triple – DTI
Bilateral trade between China and the Philippines could easily double or triple in the next few years, according to Trade Secretary Ramon Lopez, as the government’s efforts to revitalize relationship with the world’s second biggest economy have received backing from local business leaders.
Despite issues that have strained the relationship between the two countries in the past, Lopez said China remained a major commercial partner to the Philippines, emerging as the country’s second major trading partner with $17 billion in total trade.
“The $17 billion total trade level can double or triple in a few years,” Lopez said.
“Huge opportunities still await that can easily leap frog the level of Chinese business transactions with the Philippines,” the country’s trade chief said.
Business leaders are lauding the government’s efforts for actively re-engaging with China as they see it resulting positively for the Philippines’ trade and investment landscape.
Philippine Chamber of Commerce and Industry (PCCI) honorary chairman Sergio Ortiz-Luis Jr. said the private sector is optimistic that President Duterte’s recent China visit would open up more doors in terms of trade and investments to the country.
PCCI president George Barcelon said about $10.93 billion of trade and investment projects encompassing various areas as well as more than two million jobs can be generated from the 16 memoranda of agreement and understanding signed during the trip.
Barcelon said the $10.93 billion is part of the reported $24 billion of new investments, expansion programs, and financing facilities earlier reported by Lopez.
PCCI chairman emeritus Francis Chua, meanwhile, said Lopez was key in encouraging businessmen to join the China trip, which he cited as the very first state visit of Duterte supported by a business delegation.
About 500 entrepreneurs participated as members of the business delegation, the biggest business delegation ever organized in the history of Department of Trade and Industry (DTI) as it surpassed the 2011 presidential visit to China with accompanying business delegation of about 230 entrepreneurs.
Apart from the private to private agreements, Lopez said the DTI and Bank of China have also agreed to explore new modes of cooperation and services to assist the small and medium enterprises of both sides and to exchange knowledge on best practices on SME strategies.
Source: http://www.philstar.com/business/2016/10/31/1638823/philippines-china-trade-triple-dti