Lopez thanks China
Like China, the Philippines is gearing towards recovery, as the government’s economic team is pushing for the gradual and calibrated reopening of our economy
Department of Trade and Industry (DTI) Secretary Ramon Lopez on Wednesday expressed his deepest gratitude to the government of China for donating 600,000 doses of Sinovac Biotech vaccines and extolled the Asian country for being an instrument for the Philippines’ economic recovery.
In a statement, Lopez — who is also a member of President Rodrigo Duterte’s economic team — highlighted the role of the Sinovac donations, “bringing much hope to the Filipino people.”
“The arrival of the vaccine, and the immediate rollout of the vaccination program the following day certainly brought about heightened optimism in seeing the beginning of the end of Covid-19 pandemic. This definitely lifted the spirits of many Filipinos, and will surely lead to greater business and consumer confidence on the road to recovery,” Lopez said during the First Manila Forum for China-Philippines Relations.
He also reminded the Chinese contingents how China has been the Philippines’ top trading partner as the third largest export market and foremost import supplier, adding that China is also the country’s second top investment partner for 2019, with the same ranking as of January to September 2020.
According to Chinese Ministry of Commerce (MOFCOM), during the last three years, project contracts signed by Chinese enterprises in the Philippines increased 27.9 percent annually, with turnover increasing by 18.5 percent annually.
In 2019, newly-signed contracts were worth US$6.4B with a growth of 102 percent, while in 2020, newly signed contracts reached US$9.59B, up 54 percent year-on-year.
“But even with all these business deals, there are still a wide range of investment opportunities available in our country that investors can take advantage of presently. These include: manufacturing of e-vehicles, e-bikes, and bicycles; light industries manufacturing for connectivity devices, bags, and textile manufacturing; and Internet of Things (IoT), Smart Manufacturing, and AI; among so many others,” Lopez said.
The Trade secretary added that like China, the Philippines is gearing towards recovery, as the government’s economic team is pushing for the gradual and calibrated reopening of our economy.
The arrival of the vaccine, and the immediate rollout of the vaccination program the following day certainly brought about heightened optimism in seeing the beginning of the end of Covid-19 pandemic.
“Despite our GDP falling to -9.5 percent in 2020, we saw diminishing declines in the latter quarters of last year: from a recordlow -16.5 percent in the 2nd quarter to -11.5 percent in the 3rd quarter and -8.3 percent in the 4th quarter. Growth is seen quarter-on-quarter as our GDP grew by 8 percent from 2nd to 3rd quarter, and 5.6 percent from 3rd to 4th quarter,” Lopez said.
The Trade chief also said that the country is facilitating greater trade and investment by continuously pursuing reforms, such as Corporate Recovery and Tax Incentives for Enterprises Act or CREATE awaiting the signature of President Duterte, making the Philippines’ investment climate more attractive.