Chinese delegation explores investments opportunities in Philippines

MANILA, Philippines — A Chinese delegation representing 44,000 Chinese business chambers wants to explore investment opportunities in the country, the Department of Finance (DOF) said over the weekend.

The team, led by All-China Federation of Commerce and Industry (ACFCI) Gao Yunlong recently met with Finance Secretary Carlos Dominguez.

Gao was accompanied by several Chinese investors engaged in the fields of aerospace and aviation, agriculture, energy, hotels, tourism and other areas.

“I bring a number of Chinese entrepreneurs with me and the mission of our delegation is to seek cooperation and opportunities in the Philippines, including investments and business cooperation,” said Gao, who is also vice chairman of the national committee of the Chinese People’s Political Consultative Conference (CPPCC).

During the meeting, Gao told Dominguez he was impressed with the Philippines’ economic development.

He said Chinese investments in the country would help to further fuel the economic growth and deliver more job opportunities and higher incomes for Filipinos.

Gao also said ACFCI is eyeing to set up a joint business club that would include Chinese entrepreneurs and those from the Association of South East Asian Nations (ASEAN), including the Philippines.

The finance chief, in response, said the Philippines is open to investments in the areas of private housing, food production, retail, manufacturing, and tourism.

“The big investments now, in the Philippines, I think is going to be in private housing, food production, in the retail food business, in manufacturing. Our manufacturing was growing last quarter at 18 percent. These are the areas we welcome investments,” Dominguez said.

“Tourism investment is also very important for us and we want to partner with Chinese entrepreneurs in tourism business because the Chinese entrepreneurs know what the Chinese tourists are looking for,” the DOF chief said.

Dominguez said the delegation could open discussions with the Philippine Chamber of Commerce and Industry (PCCI) to explore business partnerships and opportunities in the country, and to help them link up with other business groups across the ASEAN region.

Dominguez, through the delegation, thanked China for “its continuing full cooperation and support of renewed bilateral cooperation” with the Philippines.

“Since the middle of 2016, we have witnessed major bilateral cooperation, reinforcing the ties between our two countries,” Dominguez said.

The finance chief said the Philippines has also witnessed a surge in tourism arrivals from China following the improved ties between the two countries.

“We look forward to strengthened people-to-people relationships, government-to-government partnerships and cooperation and enhanced commercial and industrial relationships with China,” he said.

ACFCI is a civil society organization that engages with Chinese private entrepreneurs. ACFCI includes 44,000 local-level business chambers or organizations with 47 million members combined.

“These private companies (account for) 60 percent of the GDP and 50 percent of the tax revenues (of China) and, moreover, they contribute 70 percent to technological and product innovation in China and 80 percent of China’s jobs,” Gao said.