China confident about Philippines' economic prospects, says envoy

Chinese Ambassador to the Philippines Huang Xilian expressed confidence in the economic prospects of the Philippines under the leadership of President Ferdinand “Bongbong” Marcos Jr.

Xilian said the first 100 days of the Marcos administration have seen the Philippine business environment “improving, debt level stabilizing, and unemployment rate dropping to the lowest level” amid COVID-19 pandemic.

“Companies from China and other countries are full of confidence in the economic prospects of the Philippines, as it has promising markets, demographic dividend and abundant natural resources,” Huang said at the 48th Philippine Business Conference and Expo on Thursday.

The diplomat said China and the Philippines have worked together over the years to explore development paths suited to their national realities.

He said the two countries should work together to overcome challenges such as the emerging crisis in food and energy security, and high inflation and currency fluctuations with lackluster global trade.

“China and the Philippines have similar visions, common interests and complementary advantages in development. We should work together to overcome these challenges. Hence the second key word I want to highlight is cooperation,” he said.

Huang said the economic and trade cooperation have deepened between the two countries despite the pandemic, citing that China has been the Philippines' largest trading partner for six consecutive years and a major source of foreign investment.

Citing the policy vision of Marcos, he said China and the Philippines are exploring cooperation in key areas such as agriculture, infrastructure, energy and people-to-people exchange.

“They have broad prospects and will bring huge dividends to our two peoples and facilitate the continuous economic transformation of the Philippines,” the ambassador said.

“Let's walk together to forge an even closer China-Philippines partnership, economic in particular, and let business and trade create happiness and well-being for the people of China and the Philippines,” he added.

In July, Chinese Foreign Minister Wang Yi paid a courtesy call on Marcos where they discussed agriculture, infrastructure, energy, and their commitment to maintaining the strong ties between their citizens in the coming years.

Marcos earlier called the Asian superpower as its strongest partner as the ties between the Philippines and China have grown through the years.—LDF, GMA News