Phl hopes to improve relations with China

BEIJING – The Philippines is hoping to bolster investment confidence with China as President Duterte joins about 28 world leaders in attending the Silk Road Economic Belt and the 21st-Century Maritime Silk Road (Belt and Road) Forum next week.

Trade Secretary Ramon Lopez is optimistic that relations between the Philippines and China would improve further after Duterte’s pivot to China last year that resulted in the commitment of $24 billion in business deals, including $15 billion in investment projects and $9 billion worth of credit facilities.

“We will be able to participate in the discussions in the One Belt, One Road regarding their plans moving outside China that means trade, infrastructure development,” Lo- pez said, citing the importance of the Philippines’ attendance at the international forum.

“That is the gist of the One Belt, One Road in partnership of China with other countries. That’s good if the Philippines will benefit from it. We are seeing some of that already because we had talks with the Chinese government,” Lopez added.

Citing the impressive trust and confidence between Duterte and Chinese Presi- dent Xi Jingping, Lopez sees the two countries having balanced trade that was lacking during the past administration of former president Benigno Aquino III that had a tumultuous relationship with Beijing.

“China’s trade with the Philippines will be strengthened, especially now that they’ve recognized that there is an imbalance in the trade between the two countries. They have more exports to us than we are exporting (to Beijing),” Lopez said.

“They are now pushing for balancing of trade. In other words, buying more products from us which is definitely a welcome move from our Chinese counterparts,” the trade secretary added.

“The Chinese are now more friendly towards Philippine products. Before they block us when there are problems. Now, they are willing to even help on the technical side so that there won’t be any problems on quality,” he said.

According to Lopez, there will be no business delegation in the President’s trip but some businessmen, on their own initiative, are meeting up with their counterparts on the sidelines of the summit.

Duterte had successful meetings with the Chinese president and Premier Li Keqiang during his state visit last October.