Why celebrate Chinese New Year? A look at Philippine, China economic ties

MANILA, Philippines - Although the Filipino-Chinese comprise a small portion of the population, under the Aquino administration, the Philippines began celebrating the Chinese New Year as a non-working holiday in 2012.

In Proclamation No. 295 issued in November 2011, Aquino said the declaration of the Chinese New Year as a special non-working holiday would allow Filipinos and Filipino-Chinese to celebrate the holiday.

It is said that Aquino's declaration is a nod to his ancestry as the Cojuangcos -  his matriarch's clan -  are themselves Filipino-Chinese.

In his declaration, Aquino said the celebration of Chinese New Year "is a manifestation of our solidarity with our Chinese-Filipino brethren who have been part of our lives in many respects as a country and as a people."

Presently, the Philippines and China are embroiled in a territorial row over the West Philippine Sea or the South China Sea.

Yet, a look at the latest economic data would reveal the close ties between Manila and Beijing.

According to the National Statistics Office, China was the country's third largest export market behind Japan and the US, accounting for 12 percent of the total $4.3 billion export revenues in November .

More significant is that China's share represents a 38.2-percent growth over the previous month, the fastest among the Philippines' trading partners.

China's contribution to the economy does not end in trade. Chinese tourists are also among the country's top visitors.

The Department of Tourism said Chinese tourists were the fourth largest group of visitors in the Philippines from January to September in 2013.

A total of 327,054 tourists from China came to the country, increasing by 66.08 percent and the fastest growth among the country's top markets for tourists.

A 2004 study of state think tank Philippine Institute for Development Studies said that with the accession of China to the World Trade Organization in 2001, Manila  should take advantage of a number of business opportunities with Beijing.

According to the study “China's WTO Entry: Effects on its Economy and Implications for the Philippines” by Ellen Palanca, the Philippines should engage in cooperation projects.

"Through such cooperation, both countries will be able to maximize the benefit from China's further liberalization while minimizing the negative effects. Some broad areas of possible cooperation are: merchandise and service trade, tourism, and investment and development cooperation," Palanca said.