With these words, Ilocos Norte Governor Ferdinand R. Marcos Jr. opened The Northern Summit 2005, a three-day convention to help open the eyes of investors to the varied economic opportunities in the northernmost province of the Ilocos Region.
The summit, which was held at the Fort Ilocandia Resort in Laoag City, was attended by over a hundred prospective investors some of whom came from nearby provinces. It was organized by the Ilocos Norte Tourism, Trade and Investment Council (INTTIC) headed by Lisa Araneta Marcos, wife of the governor.
In his opening address, Marcos said Ilocos Norte has turned around 180 degrees. While they used to look to Manila for their market, they are now looking at Shanghai, Hong Kong and Singapore as potential markets. "The mainland, which is merely across our shores, has a population of 1.5 billion. It would be foolish to ignore it," he said.
Indeed, China holds a myriad of opportunities for Filipino companies, especially those in Ilocos Norte, pointed out economist Bernardo Villegas, who was one of the featured speakers of the seminar.
Villegas, senior vice president of the University of Asia and the Pacific, said China provides a gargantuan market that can fuel the economy of a province like Ilocos Norte, much like it did Japan over the last couple of years.
Jorge M. Judan, a foreign trade officer who has been serving as the country’s commercial attache to China since February of 2003, said "Asia is the future and China is the key."
To emphasize his point, Judan pointed out that the Chinese economy has grown 60 percent in the last five years, the fastest in the world.
It is the world’s fourth largest exporting nation and the world’third largest importer with a seven-percent share of the world’s global trade.
China, according to Judan, is currently the world’s 7th largest economy although this is not going to stay for long. Judan cited a World Bank study which states that China will be the second largest economy in the world (second only to the United States) by the year 2020.
There is every reason why the Philippines should take advantage of this situation, he added. Judan reported that China’s fruit imports from the Philippines amounted to over $65 million. Fruit accounts for approximtely 10 percent of China’s total food consumption and this is where the Philippines can play a significant part, he added.
Judan said the country’s top fruit export to China is the banana, but added that there is a firm demand for mangoes as well.
Other speakers were Raul Hernandez, Philippine Chamber of Commerce and Industry vice president for quality, productivity and environment, and Samie Lim, PCCI vice president for tourism, retailing and franchising.
What are the chances of Ilocos Norte competing with the rest of the world for the attention of the gargantuan Chinese market?
Aside from the advantage of having a highly educated English-speaking workforce, Ilocos Norte has the best provincial road system, according to Villegas. He also noted that the province has taken great strides towards energy independence by harnessing the wind, which it has plenty of, to generate power.
Due to its proximity to the Chinese mainland, a number of Chinese investments have in fact found their way into the economic mainstream of Ilocos Norte. For instance, the famous Fort Ilocandia is now a favorite haunt of Chinese tourists from Hong Kong. Not surprisingly so, the resort is now being operated by investors from Hong Kong.
Also notable is the Nipa Beach Resort in Currimao town which is owned and operated by a Taiwanese conglomerate whose employees alone would be enough to fill the resort year-round.
On top of all these opportunities, there is talk of making Laoag an economic zone or a freeport to facilitate more efficient trade between Ilocos Norte and mainland China, said Judan.
Whether it is in fruits or some other commodities, tourism or some other economic activity, Ilocos Norte is well ahead of other provinces in the country in the development of its economy.