Business leaders laud government for rekindling China trade relations

Business leaders are upbeat about the recently concluded presidential visit of President Rodrigo Duterte to China and lauds the government for actively re-engaging the second biggest economy in the world. The milestone visit happened on October 2016 19-21 in Beijing, China.

The Philippine Chamber of Commerce and Industry (PCCI) gives credit to Trade and Industry Secretary Ramon Lopez for being “very accommodating,” for encouraging businessmen to join this visit which was the first state visit of President Duterte supported by a business delegation. About 500 entrepreneurs participated as members of the Business Delegation, by far the biggest ever organized in the history of Department of Trade and Industry even surpassing the 2011 Presidential visit to China with accompanying business delegation of about 230 entrepreneurs.

The PCCI, Philippine Silkroad International Chamber of Commerce (PSRICC) as well as the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) jointly organized a Business-to-Business (B2B) Memorandum of Agreements/Understandings (MOA/Us) signing ceremony in the evening of the 20th of October 2016 at the Beijing Hotel International Convention Center. Filipino businessmen wanted to engage their Chinese counterparts immediately so the three chambers provided them with a venue for their signing.

Philexport President Sergio OrtizLuis Jr. said that the activity was the Chambers’ concrete contribution to this historic visit of President Duterte to China which they hope will open up more doors in terms of trade and investments to our country.

Sixteen MOA/Us were signed that evening. About US$10.938 billion of trade and investment projects encompassing many areas and more than two million of jobs can be generated, according to PCCI President George Barcelon. This $10.938 billion is part of the reported $24 billion of new investments, expansion programs and financing facilities announced by DTI Secretary Lopez.

To cap the night, President Duterte not only graced the event but surprisingly delivered his usual passionate speech to all the members of the Business Delegation. Thereafter, President Duterte even gamely agreed to have a photo opportunity with all entrepreneurs present.

Federation President Angel Ngu commented that the Chinese people is our long-time trading partner. Filipinos have been exchanging goods with them even before the Spaniards and Magellan discovered us. Familial ties also bind Filipinos and Chinese. About 2% of Philippine population has Chinese ancestry.