Noli encourages Chinese investments in RP

Vice President Noli de Castro met with Shanghai officials yesterday to express the Philippines’ intention to expand bilateral economic relations with China.

The Office of the Vice President (OVP) said De Castro, who was on a six-day official visit to China, also called on officials of Jiangsu province on Wednesday and expressed the Philippine government’s desire to expand trade with China’s provinces and cities.

At a separate meeting, he urged the Chinese officials to encourage state-owned companies and other enterprises to invest in the Philippines.

"For the past decade, trade between our two countries has progressed steadily, but we would like to further increase the Philippines’ share in your foreign trade," De Castro said.

He emphasized that the Philippine government has undertaken efforts to attract more investments by developing infrastructure, streamlining processes and introducing policy reforms to create a more investment-friendly environment.

The government, he said, is encouraging greater investment in motor vehicle parts and components, electronics, textile manufacturing and agriculture.

He also cited the Philippine’s "high-quality professional services in information technology (IT), engineering, architectural design and construction management."

"The Philippines recognizes our countries’ strengths in those areas, and I hope that businessmen from both sides would explore opportunities in the two countries," he added.

De Castro also discussed the Philippine government’s desire to strengthen cooperation with China in the areas of information exchange and investment promotion networking through the relevant offices and institutions in the Chinese provinces and cities.

He also sought the Chinese officials’ cooperation in promoting the Philippines as a tourist destination.

China has granted the Philippines an Approved Destination Status (ADS) and the Philippine government has undertaken efforts to facilitate visa requirements of Chinese tour groups, and to intensify its tourism campaign in China.