Think tank says China, Phl improving relations
BEIJING, China – The improving political relationship between China and the Philippines under the Duterte administration has boosted the economic ties between the two countries, said a top think tank here.
Yuan Youwei, deputy director general for external affairs of the China Center for International Economic Exchanges (CCIEE), said this improving bilateral political relationship has created a positive and favorable environment for economic cooperation.
She said the two countries have a lot of room for economic exchange, especially in terms of infrastructure, which is currently in high demand in the Philippines due to the administration’s Build Build Build program.
“Our two economies are complementary to each other. We can learn from each other,” Yuan said during a briefing at the CCIEE headquarters.
President Xi Jinping is expected to visit the Philippines in November. The upcoming visit is an “important and very positive sign for both countries.”
The two countries have been embroiled in territorial disputes on the West Philippine Sea, but the current administration has seemingly decided to set aside this issue to foster a better relationship with the Asian giant.
President Duterte, who visited China’s capital Beijing in 2017, has downplayed the arbitral ruling of a United Nation that invalidated China’s nine-dash line over the contested waters.
Yuan said it is important to look toward the future instead of dwelling in past issues for the benefit of the two countries.
Xi and Duterte are even expected to sign a framework for joint development of resources in the West Philippine Sea when the Chinese leader visits the Philippines.
Talks on a bilateral agreement on the joint exploration were already held between Manila and Beijing, with the parties reportedly agreeing on a 60-40 sharing agreement in favor of the Philippines.
Yuan is positive that the needs and demands of both sides can be accommodated to bring out something that will be acceptable to all parties.