China commits $1 B agri imports from Phl

MANILA, Philippines - China has committed to significantly boost its imports from the Philippines as it seeks to buy $1 billion worth of local agriculture products following a recent meeting between the trade ministers of the two countries.

Trade Secretary Ramon Lopez said China’s plan for the $1-billion purchase agreement of agriculture products was relayed by China’s Minister of Commerce Zhong Shan during their meeting Tuesday in Manila for the 28th Philippines-China Joint Commission on Economic and Trade Cooperation.

Lopez said the purchase agreement is expected to be signed later this month during the visit of a high-level delegation from China led by its vice premier.

He said the agreement would include a wide range of agriculture products such as durian, avocado, banana, pineapple, dragon fruit, mangosteen, marang, rice, coffee, cacao, fish, chicken and duck meat, among others.

In November last year, the Philippines also secured a purchase agreement from Russia wherein the latter agreed to import $2.5 billion worth of the country’s agricultural products.

China and Russia are seen as the country’s new partners and allies under the current administration’s new foreign policy.

Philippines and China relations have been strained in recent years due to territorial disputes over the West Philippine Sea.

President Duterte’s state visit to China in October last year, however, led to positive strides toward renewed bilateral relations between the two nations.

Despite the issues, China remained as the Philippines’ second major trading partner, fourth largest export market, and first import supplier in 2015.

Aside the purchase agreement of agriculture products and some $10.3 billion worth of potential Chinese investments to the country, Lopez said China is also donating $1 million to the Philippines to help in the government’s rebuilding efforts in Surigao del Norte.

Surigao del Norte was hit by a powerful magnitude 6.7 earthquake last Feb.10 which destroyed over 6,000 homes and caused damage to infrastructure worth P718.9 million.

On Sunday, a magnitude 5.9 earthquake again hit Surigao del Norte which was believed to be an aftershock of last month’s tremor.