China vows to gradually increase ODA to PH — Lopez
Encouraged by the assuring growth in the economic relations with the Philippines, Trade and Industry Secretary Ramon Lopez said that China has conveyed plans to increase its development assistance to the Philippines.
Lopez said this after holding bilateral meeting with his Chinese counterpart, China Commerce Minister Zhong Shan at the sidelines of the recent Philippine hosting of the 49th ASEAN Economic Ministers’ (AEM) Meeting and Related Meetings here.
During President Duterte's highprofile visit to Beijing last year, the Chinese government rewarded him with $24 billion in economic package, including $9 billion in official development assistance.
During the recent bilateral meeting, the Philippines and China discussed various measures to enhance trade and investment relations arising from the Six-Year Development Program (SYDP) for Trade and Economic Cooperation 2017-2022 and the Joint Commission on Economic and Trade Cooperation (JCETC).
As part of the realization of the priority activities under the development program, the ministers endorsed the finalization of the Memorandum of Understanding on Industrial Parks Development between the Philippine Board of Investments (BOI) and China’s Ministry of Commerce.
“This initiative to develop industrial parks in the Philippines will help enhance the country’s manufacturing base and increase domestic production,” said Lopez.
A ground-breaking activity for some of the infrastructure projects under the SYDP was also proposed to be initiated within 2017. Said activity will be led by the respective infrastructure groups of both sides.
PH, meanwhile, mentioned potential areas for further cooperation including infrastructure, manufacturing (e.g. aircrafts parts, bicycles, e-vehicles, iron and steel, shipbuilding and irradiation facilities), cross-border e-commerce, big data analytics, and creative industries.
Both sides positively noted the improved trade and economic relations between PH and CN resulting from the Presidential Visit to China in October, 2016, as well as from the successful convening of the JCETC in March, 2017.
PH exports to China increased to almost $2.17 billion in January-April, 2017, from $1.69 billion in 2016. Further, PH exports of tropical fruits to China has increased remarkably in the 4th quarter of 2016 (compared to previous years), following the State Visit of President Rodrigo Duterte to China.
In 2016, PH exports of bananas to China increased to $144.77 million against US$109.15 million in 2015. During the same period, PH exports of pineapples more than doubled from $16.26 million in 2015 to $44.27 million.
Zhong reiterated commitment to help the Philippines rebalance trade by importing more from the country. He also invited the Philippines to the China International Import Expo, which will be held in 2018. The Expo is part of CN’s move to further open its market and increase imports from other countries.
Zhong also expressed his support for the growing interest of Chinese enterprises to invest and explore business opportunities in the country as demonstrated through the various letters of intent presented to the Board of Investments last March, 2017.