China commits to strengthen trade with Philippines

MANILA, Philippines — China has committed to strengthen trade relations with the Philippines by purchasing more goods from the country, the Department of Trade and Industry (DTI) said. 

Trade Secretary Ramon Lopez said China’s President Xi Jinping has reiterated the Chinese government’s policy to achieve balanced trade with the Philippines by importing more goods particularly, agri-based and industrial goods during the bilateral meeting between the two countries.

Lopez said this was also mentioned during his meeting with China’s Commerce and Finance Minister Zhong Shan.

Over the last three years, Philippine exports to China were increasing at an average of 10 percent. 

Data from the Philippine Statistics Authority showed China was the Philippines’ biggest source of imports valued at $21.39 billion, and fourth largest market for Philippine exports at $8.70 billion.  

Lopez said the government continues to encourage Chinese firms to invest in the Philippines as their projects could contribute to job creation, as well as improve the country’s production and export capabilities. 

“The momentum of Chinese investments have been very positive as FDI (foreign direct investments) from China grew six times more in the last three years.  More big ticket projects are on the way especially in the area of manufacturing both in heavy industries like iron and steel and petrochemical, as well as light industries like textile, construction, technology-based services, agribusiness, energy, power, transportation, infrastructure and tourism,” he said. 

Tourism is another area being promoted by the Philippines and more Chinese tourists are expected to visit the country. 

In particular, the number of Chinese tourists to the country is expected to reach 1.5 million this year from 1.2 million last year, and just 500,000 in 2015. 

During President Duterte’s visit to China, a business forum was also arranged which was attended by 300 Chinese and Filipino businessmen.

Apart from trade and investments, Lopez said the leaders of the two countries discussed how to advance peace and cooperation in other fields like infrastructure and finance, education, agriculture, science and technology, security, as well as in addressing transnational crimes and illegal drugs.