DTI’s Pascual calls for stronger Philippines-China economic, trade relations

Trade Secretary Alfredo Pascual on Thursday called on Chinese investors to invest in the Philippines as he underscored the importance of strengthening trade cooperation between the two countries.

During the China-Philippines Economic and Trade Cooperation and Exchange Briefing on July 13, 2023, the Trade chief emphasized that with China being the Philippines’ largest trading partner, “the Department warmly welcomes Chinese enterprises to invest in the country.”

“We welcome investments from Chinese enterprises to the Philippines further to enhance the bilateral relationship between our two countries. Such investments can take advantage of the development momentum brought about by the Regional Comprehensive Economic Partnership (RCEP) agreement to which the Philippines and China are signatories along with 13 other countries in the East and Southeast Asian Region,” said Pascual.

The DTI said China is the country’s largest source of imports and the third-largest export destination in 2022.

The Trade Department said during the visit of President Ferdinand Marcos Jr. to China, he brought home investment leads amounting to $22.8 billion.

“The China-Philippines investment relations of the past five years have laid the foundation for a prosperous future. Come and be a part of our thriving economy, our vibrant culture, and our bright future. The stage is set, the opportunities are vast, and the time is now. Let's make it Happen in the Philippines!” Pascual said.

The Trade chief said the favorable business climate in the Philippines given its strategic geographical location and recently enacted reforms, which will provide simplified procedures, enhance transparency, and promote investor-friendly policies.

Pascual cited the range of sectors that would be potential investment destinations such as petrochemicals, agriculture, e-commerce, logistics, medical/health industries, green industries, tourism, and education, among others.

The DTI also formally launched Executive Order No. 18, which will create green lanes for strategic investments, it will enhance the ease of doing business in the country by expediting, streamlining, and automating government processes.

These green lanes are vital to address the barriers across multiple regulatory agencies which usually hampers the realization of foreign direct investments in the country, it said. — RSJ, GMA Integrated News