MANILA, Philippines – Department of Trade and Industry (DTI) Secretary, Ramon Lopez, reported Philippines and China bilateral ties can double or triple in the next few years.
In line with the efforts of Duterte administration to improve the ties with China, the current $17 billion trade level can double or triple in the next few years. This is irrespective of the strained relationship between the two countries in the past.
Philippine Chamber of Commerce and Industry (PCCI) President, George Barcelon, stated that trade and investment projects worth $10.93 billion comprise various areas enclosed in 16 memoranda of agreement and understanding. These areas will generate over two million jobs.
Barcelon clarified that the $10.93 billion trade yield is part of new investments, financing facilities, and expansion programs worth $24 billion, cited by Lopez.
DTI and Bank of China had an agreement on small and medium enterprises assistance through new modes of cooperation and services. The deal comprised the two countries’ exchange of SME strategies’ ideal systems.
China, the world’s second biggest economy, remains a major commercial partner to the country.
The country’s trade and investment landscape are improving, which is lauded by businesspersons to be the efforts of the Duterte administration in re-engaging with China.
PCCI Honorary Chairman, Sergio Ortiz-Luis Jr., stated that more thresholds would be opened after the President’s state visit to China. More business opportunities are anticipated as financial transactions with China are upgraded.
PCCI Chairman Emeritus Francis Chua, emphasized that Lopez acted as the cardinal in convincing Philippines’ businessmen to join the state visit.
The President’s state visit to China was the first supported by a business delegation of around 500 participants. DTI is held responsible for organizing businesspersons, which resulted to higher count than the previous administration’s state visit to China from August 30 to September 3 in 2011. The Aquino administration had a business delegation composed of 230 entrepreneurs.
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