MANILA -- Considering China as a very important economic partner of the Philippines, President Ferdinand R. Marcos Jr.’s state visit to Asia’s economic giant will entail signing several business agreements, Department of Foreign Affairs (DFA) Assistant Secretary for Asian and Pacific Affairs Nathaniel Imperial said on Thursday.
In a press briefing, Imperial said one of the priorities of the President’s visit on Jan. 3 to 5 is to foster stronger economic cooperation with China, and a big business delegation is expected to accompany him.
According to Imperial, there is strong interest from Chinese investors in the Philippine economy, especially in agriculture, renewable energy and nickel processing.
“China imports 70 percent of its nickel ore and concentrates requirements from the Philippines. So there’s a lot of potential in those sectors,” the DFA official told members of the Malacañang Press Corps.
Among the agreements to be signed are the finalization of the import agreement on durian as well as possible investment in durian-producing regions in Mindanao, Imperial said.
To avoid miscalculations in the issues pertaining to the West Philippine Sea (South China Sea), both sides agreed to the establishment of direct communication between the foreign ministries of both countries at various levels, which will be signed by the secretary of foreign affairs and his counterpart.
The Philippines also plans to renew the agreement on its participation in the Belt and Road Initiative of China, which complements the infrastructure program of the Marcos administration, according to Imperial.
A planned memorandum of understanding (MOU) in digital cooperation focusing on the exchange of best practices, capacity building on digital connectivity and data emerging technologies, among other areas of cooperation, will be signed by the Philippine trade secretary.
An agreement on tourism cooperation called the Implementation Program of the MOU on Tourism Cooperation is expected to be signed during the President’s visit as the country expects more Chinese tourists after recovering from the current COVID-19 wave.
China is the Philippines’ second largest source of foreign tourists in 2019, with almost 1.8 million Chinese tourists visiting the country before the pandemic.
Imperial also said the Philippines is looking at possible grants from China amounting to 1.5 billion Renminbi (RMB) and a framework agreement on three priority bridges crossing the Pasig-Marikina River, and the Manggahan Floodway bridges construction project.
China is one of the Philippines’ major economic partners, with 20 percent of its total trade with the Asian economic giant.
China is also an important player in the country’s inbound foreign direct investments (FDIs) and development assistance, particularly infrastructure projects. (PND)
