FFCCCII urges continued trade with China
TRADE cooperation between the Philippines and China must continue despite current GEOPOLITICAL CHALLENGES, ACCORDING TO AN OFfiCIAL of the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII).
FFCCCII President Cecilio Pedro said Tuesday that trade activities between the two countries should continue amid the tension in the West Philippine Sea.
“The business will continue … we will continue in spite of the
West Philippine Sea, irregardless,” Pedro said during the Canton Trade Roadshow in Taguig City.
”We continue to import products, we continue to sell products to China, [and] it’s non-stop,” he said.
Pedro also emphasized the importance of establishing good relationships, especially for longterm investments.
“But [in terms of] new investment, that’s where it gets a bit difficult. They should think about what the long-term relationship of this is,” he added, noting that business is also about relationships.
Moreover, he also said that it would be better to resolve the territorial dispute between the Philippines and China to generate more economic opportunities.
Over the past eight years, China has been the country’s largest trading partner, which the FFCCCII said signals strong economic ties for both countries.
Pedro also underscored the potential for more business cooperation with China, especially in the exports of Mindanao’s bananas and durian fruits and the joint venture on renewable energy technology.
The Trade department said trade and investment relations between the Philippines and China would improve in the coming years.
“Our two countries face great challenges or issues that are very important for both the Philippines and for China. But like Dr. Pedro, I am very positive that our strong economic relations, and our deep friendship, will see us through it,” Department of Trade and Industry (DTI) Undersecretary Ceferino Rodolfo said during the same event.
The DTI official also said China was the Philippines’ top trading partner last year, particularly the country’s second-largest export market and its top source of imported goods.
Rodolfo added that China was one of the Philippines’ top sources of approved foreign investments, with almost $3 billion from 2018 to 2023. The value of bilateral trade, meanwhile, was over $40 billion last year.
The DTI official also called for more partnerships with China in industries for electric vehicles, smart or hybrid light manufacturing, semiconductor assembly and testing, clean metals, renewable energy, data centers and high-tech agriculture in line with the country’s goal of positioning itself as a regional hub for sustainability.