Department of Trade and Industry Secretary Fred Pascual underscored the importance of strengthening trade cooperation between the Philippines and China, particularly in investment relations.
Pascual said with China being the Philippines’ largest trading partner, the department warmly welcomes Chinese enterprises to invest in the country.
“We welcome investments from Chinese enterprises to the Philippines further to enhance the bilateral relationship between our two countries. Such investments can take advantage of the development momentum brought about by the Regional Comprehensive Economic Partnership (RCEP) agreement to which the Philippines and China are signatories along with 13 other countries in the East and Southeast Asian Region,” he said during the China (Zhangzhou)-Philippines Economic and Trade Cooperation and Exchange Briefing on Thursday.
The event included presentations from different bureaus and projects and a signing ceremony organized by the Embassy of the People’s Republic of China in the Philippines and Zhangzhou Municipal People’s Government.
China is the country’s largest source of imports and the third-largest export destination in 2022. The visit of President Ferdinand Marcos Jr. to China brought home investment leads amounting to $22.8 billion.
Pascual noted the favorable business climate in the Philippines given its strategic geographical location and recently enacted reforms that will provide simplified procedures, enhance transparency and promote investor-friendly policies.
He also cited a range of sectors that would be potential investment destinations such as petrochemicals, agriculture, e-commerce, logistics, medical/health industries, green industries, tourism and education.
