Philippines, China firms work out joint venture deals

MANILA, Philippines – President Duterte’s decision for the country to align with China is already spurring a number of Filipino and Chinese firms to embark on joint venture deals.

Trade Secretary Ramon Lopez said in an interview there are currently a number of joint venture deals being worked out between companies from Philippines and China in line with the government’s plan to renew ties with the world’s second largest economy.

Lopez is set to join the President in his planned visit to China this month.

“A lot of private businesses are saying that they will time their signing also there as with their counterpart. These are business to business deals,” Lopez said.

“So far three groups have already talked to me. One is in the food industry,” he added.

Aside from the expected business-to-business signings, the Philippine government will seek to further trade relations as well as enhance joint cooperation with China during Duterte’s visit, Lopez said.

He said trade and investment opportunities in China remain large for the Philippines.

“It will be for economic cooperation. Also for promotion of trade and investments. We invest more to China so we have to invite more Chinese investments here in the country. They also export more to us so we want to export more to China. So we want to approach a trade balance,” Lopez said.

China-ASEAN Business Council executive president Xu Ning-ning earlier said Chinese firms are raring to invest in the Philippines, but both countries should move past their political issues for these investments to materialize.

The Philippines and China have had disputes over the South China Sea for several years now. In July this year, the Permanent Court of Arbitration under the United Nations ruled in favor of the Philippines in its arbitration case against China.