Chinese delegation expresses interest in PHL investment

CHINESE firms are demonstrating increased interest in doing business in the Philippines due to the growing economy, the Department of Finance (DoF) said.

In a statement, the DoF said that the All-China Federation of Commerce and Industry (ACFCI) expressed interest in a meeting with Finance Secretary Carlos G. Dominguez III on May 24.

“I bring a number of Chinese entrepreneurs with me and the mission of our delegation is to seek cooperation and opportunities in the Philippines, including investments and business cooperation,” ACFCI Chairman Gao Yunlong was quoted as saying at the meeting.

Mr. Gao said that he is “impressed” with the Philippines’ economic growth.

He added said the ACFCI is considering the possibility of setting up a “joint club that will include Chinese entrepreneurs and those entrepreneurs from ASEAN (Association of Southeast Asian Nations) countries, including the Philippines.”

Mr. Dominguez, meanwhile, told Mr. Gao that the “big investments now in the Philippines” are in “private housing, food production, in the retail food business, in manufacturing — our manufacturing is growing last quarter at 18%. These are the areas we welcome investment.”

“Tourism investment is also very important for us and we want to partner up Chinese entrepreneurs in tourism business because the Chinese entrepreneurs know what Chinese tourists are looking for,” he added.

ACFCI represents 44,000 locallevel business chambers with a total membership of 47 million, according to Mr. Gao.

He said that private companies account for 60% of China’s economy, as well as 50% of its tax revenue.

Mr. Gao said that the businesses “contribute 70% to technological and product innovation in China and 80% of China’s jobs.”

“Since the middle of 2016, we have witnessed major bilateral cooperation, reinforcing the ties between our two countries. We look forward to strengthened people-to-people relationships, government-to-government partnerships and cooperation and enhanced commercial and industrial relationships with China,” Mr. Dominguez said.

President Rodrigo R. Duterte visited China last month for the Boao Forum in Hainan province, where he witnessed the signing of letters of intent from nine Chinese firms to invest here in the energy, tourism, infrastructure, agriculture and health sectors.

He was in Beijing in May 2017 for the Belt and Road Initiative forum and met with five Chinese infrastructure firms to discuss contracting opportunities.

“We must be cooperating, and not competing, and we must be a partner to China. We welcome your business groups, whether private business or government companies from China, to do business in the Philippines,” Mr. Dominguez said.

During the meeting, Mr. Gao was accompanied by Chinese Ambassador Zhao Jianhua and executives of ACFCImember firms: Melco International Development Ltd.; Shanghai MicroPort Medical (Group) Co., Ltd.; Zhengbang Group Co., Ltd.; Holley Group Co., Ltd.; Zhengbang Group Co., Ltd.; China Wanda Group Co., Ltd.; Yutian Group Corp.; Shanghai Juneyao Group Co., Ltd. Sany Group Co. Ltd.; Zhongqi Holding Group Co., Ltd.; and Hebei Construction Group Co. Ltd. —