PH seeks investments from China, Asean at business summit
NANNING CITY, China – Amid an ongoing territorial dispute, the Philippines sought for business and investment opportunities from China and other Asean (Association of Southeast Asian Nation) countries at the recent China-Asean expo (CAExpo) event here.
“Today is a perfect opportunity to convince you that the Philippines must be one of your chosen destinations in line with your government’s investment strategies to encourage investments overseas,” Trade Undersecretary Nora Terrado said at the Investment Promotions Conference at the Nanning International Convention and Exhibition Center.
She cited the availability of human resources, special economic zones and affordable first-class lifestyle as reasons as to why the Philippines is an attractive investment locations for foreign investors.
Terrado also noted that agriculture is a “key driver of growth” and the Mindanao region is a good opportunity for investments.
Some of the areas offered for investments include: Bases and Conversion Development Authority, Subic and Clark Freeports, Poro Point Management, John Hay Management Corporation, Zamboanga City Special Economic Zone Authority and Mindanao Development Authority.
PH a rising economy
Terrado also emphasized the Philippines’ 7.6 percent economic growth for 2013, up from 6.8 percent in 2012.
“The growth of the economy in the last quarter of 2013 made the Philippines one of the best performing economy in the Asian region second to China,” she said.
Terrado had earlier said that the Philippines and China business relations would continue despite the ongoing territorial row over the West Philippine Sea (South China Sea).
China’s total investment to the Philippines is worth $660 billion, said Raly Tejada, Philippine Consulate General in Guangzhou.
The total of Philippines’ investment to China, meanwhile, is estimated at $2 billion.
“In the past five years we have seen a number of Chinese investments going into several areas in the Philippines like electricity, transmission, mining, automotive assembly, among others,” Tejada said.
Some of the target industries which are ready for expansion are solar energy systems, electronics assembly, electrical appliances, motorcycle assembly and off processing and packaging.
In terms of export, China comes third as the largest export market in the Philippines after Japan and the United States.
“China is an important export market for the Philippines…For the past five years, China has been growing at an average of 18.42 percent, while that of US our export for that period is only at a 2.67 percent annual growth,” Tejada said.
“With his strength, we are expecting China to overcome America as our second biggest export market in two to three years’ time,” he said.
The Philippines organized the Investment Promotions Conference at the 11th CAExpo, which is being held from Sept. 16 to 19.
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