Keep US ties while pursuing China

China has been lagging far behind the Philippines top foreign investors, putting in only $570,000 in 2015. The US, meanwhile, is among the Philippines’ top investors, regis

The MBC expressed optimism Chinese trade and investment with the Philippines will improve: “We are relationship to the next level.”

The business group also hopes infrastructure in the country will receive a big boost with the entry of Chinese investors. “China’s expertise in infrastructure will be critical to the Philippines’ development, as we seek to close the massive infrastructure gap that has been suppressing the country’s growth for the past years,” it said.

Close links with the US

But highlighting the importance of the country’s strategic relationship with the US, the business group pointed out that overseas Filipino remittances and the business process outsourcing industry – two major pillars of the Philippine economy – are closely linked with the United States. They said Filipinos in the US contribute the highest amount of remittances to the Philippines, valued at $ 8.4 of the country’s total remittances sourced from all over the world.

The US accounted for 12.7 percent of the Philippines’ total trade. The Philippines exported $9-billion worth of goods to the US, while the Philippines imported surplus valued at $1.55 billion. (for what period is this?)

The MBC cited American companies for playing a crucial role in the development of the local BPO industry, contributing $22 billion to the economy and providing 1.2 million jobs in 2015. The US is also among the Philippines’ in 2015, while Americans rank as the country’s second largest tourist market, generating P4.4 billion in tourist receipts. Moreover, solid people-to-people ties, shared history, and common values bind the two countries together, it added.

“We should also note that in time of need the United States has - nancial aid and has offered extensive manpower and technical support to our rescue and rehabilitation efforts in the aftermath of Super Typhoon Yolanda,” the MBC said.

Similarly, the United States development aid grants of the Philippines, in contrast to other countries with much smaller grants portfolio extended. The United States’ Millennium Challenge Corp., in particular, has - lion worth of anti- poverty and human development programs in the Philippines since 2006. - and steadfastness of the US in assisting growth of our people and our communities.”

“As we transition through this recalibration in our foreign policy, we call on the government to initiate another multisectoral dialogue similar to when it drafted the 10-point socio-economic agenda.

“We hope that the government will also invite the views of eminent leaders, foreign policy experts, policy makers, business, the academe and the youth. It is important for the world to see that the government continues its inclusive engagement and welcomes investments that will generate jobs,” the MBC said, adding it is prepared to participate in such discussion.