Aquino says Philippines-China economic ties remain strong

SHANGHAI, China—President Aquino said the medium to long term prospects for growth in the Philippines-China economic relations remain “positively strong, and the benefits to the Philippines and China from these prospects, are potentially huge.”

“In fact, some Chinese companies have already seen this potential and have chosen to work with amongst others our public works and highways department on some projects,” Aquino said.

Recently, the China International Water and Electric Corporation began a 58-kilometer road improvement project in Cotabato worth more than $21 million, he said.

“Around a year before that, they began a $33 million project for a diversion channel in the Gumain River in Pampanga,” Aquino said.

Aquino said that in the past, the Philippines’ commercial relations have been more beneficial to China, than to the Philippines. Filipino foreign direct investments in China total $2.8 billion, while Chinese investments in the Philippines total $500 million, he said.

“Now, we have come here to potentially balance the equation,” Aquino said.

The President  said China has the financial and technological capability to be among the major foreign direct investors in the Philippines.

“With your technology and cost-efficient machinery and equipment, China could very well be an even larger source of investments for the Philippines to boost our country’s agricultural production and processing capabilities, energy sourcing and infrastructure projects,” Aquino said.

“We welcome, as well, your exploring investments in the sectors of manufacturing, garments and textiles, and motor vehicles and automotives, as well as in tourism. The opportunities are there; let us partner together to turn opportunities into reality,” he added.

President Aquino said his economic team would go into further detail regarding the many competitive incentives that the Philippines is offering to investors.

“Incentives that make investing in our country an even more viable option, given my government’s commitment to provide a level playing field to all investors,” Aquino said.