Philippines eyes more trade, investments from China

NANNING, CHINA — The Philippine government hopes to bring in more investments from China, as well as increase trade activities between the two countries, a Department of Trade and Industry official said.

“We wish that we would be able to increase Chinese investments into the country (Philippines)… as China, by far, is our second biggest trading partner in the world,” Trade Undersecretary Ponciano Manalo said in a meeting on the sidelines of the 12th China-Asean Expo (CAExpo).

China was the Philippines’ largest source of imports in 2014 with shipments amounting to $9.57 billion.

At the same time, China was the Philippines’ third largest export market in 2014 following Japan and the US. The Philippines shipped $8.03 billion worth of commodities to China in 2014, up 14 percent over 2013 levels.

“I believe there are many opportunities for us to work together, for China to utilize some of our labor which has already been very, very strong performers in Asia,” he continued.

The Philippines is among the participating countries in the annual China-Asean (Association of Southeast Asian Nations) Expo. Manalo said the government has always been supportive of local businesses joining the expo, which is aimed at increasing trade between the participating countries.

“This has been a very important expo for us, the Philippines. We’ve been here for all the 12 years and the Philippine government makes it a very important part of its yearly planning activity to be present and to provide a delegation to the exposition,” Manalo said.

“We’re very glad to know that you have a very strong focus on Asean as part of the activities for the CAExpo. The Philippines is a very big supporter of Asean integration and the China-Asean free trade agreement (CAFTA) we have right now is certainly something that we’re looking up to,” he added.

He further said China should consider the Philippines as its gateway to other Asean member countries given the location of the latter.

Speaking with officials from the Chinese People’s Political Consultative Conference (CPPCC) Guangxi Committee, Manalo said given the Philippines’ shared similarities with the province of Guangxi, China, the two may work on further growing their ties and cooperation.

Liu Zhiyong, vice chairman of the CPPCC Guangxi Committee, told Manalo he hopes the Philippines may be able to strengthen maritime relations with China, increase agricultural cooperation, and also grow the number of sister cities between the two countries.

Manalo expressed support on the Chinese official’s suggestions and also hoped for the success of China’s aim to create a “Maritime Silk Road” in the region to boost trade and investments.

The 12th China-Asean Expo and 12th China-AseanBusiness and Investment Summit opened yesterday here in Nanning.

The events are expected to increase trade activities and investments between China and Asean member countries given the trade missions, bilateral talks, and business matching forums happening at the sidelines of the expo and the summit.