The Philippine is assured of benefiting from China’s mega-project on infrastructure as Beijing’s “One Belt One Road” (Obor) Initiative dovetails with the Duterte administration’s own “Build, Build, Build” drive, according to Finance Secretary Carlos Dominguez III.
“We think the Philippines will definitely benefit in participating in this One Belt, One Road project particularly in the Maritime Silk Road section of that project,” Dominguez said. “The Philippines is building a lot of infrastructure, of course with the help of China, and among the infrastructure that we are building are ports and airports.”
The finance chief added that the $1-trillion Obor Initiative would help lower the cost of shipping our goods to key destinations in China such as Hong Kong and Shanghai.
Moreover, he said Obor would open to the Philippines new markets along the corridor between China and the Middle East and Europe.
He said the Philippines’ manufacturing industry, particularly companies producing electronics, and its food exports sector, especially those selling tropical fruits, would have more and quicker access to new and profitable markets under the Obor project.
“We are the largest exporters of tropical fruits [in Asia] so definitely there will be a lot of benefit to us if we are able to open markets in let’s say Kazakhstan, in Uzbekistan [and other countries] along the One Belt, One Road area,” Dominguez said. “And that’s aside from our manufactured goods.”
Beijing’s initiative is aimed at getting some 60 countries to invest in infrastructure projects to develop land and maritime routes following the old Silk Road network that once connected China to Central Asia and Europe.