DTI seeks to attract Chinese investors
MANILA, Philippines - The government is working on attracting more Chinese investments to enhance economic ties of the two countries, a cabinet official said yesterday.
Trade Secretary Gregory Domingo said in a press conference yesterday that during the 10th China-ASEAN (Association of Southeast Asian Nations) Expo (CAEXPO) held in Nanning earlier this month, he discussed with Chinese counterparts how both parties could work to encourage more investments from China here.
“Historically, we have had under-representation in Chinese investments from way before. Last time I was in Nanning, we discussed that we should correct the imbalance,” he said.
The Department of Trade and Industry cited earlier that investments of the Philippines to China reached $130 million last year.
China’s investments to the Philippines, however, is at a smaller $65.4 million in the same year.
Despite President Aquino’s decision not to attend the CAEXPO in consideration of China’s request for him to visit the country at another time, Domingo said the Philippines was able to present trade and investment opportunities available here during the event.
“We made a good presentation there,” he said.
“Actually when I was there, I didn’t feel that (Aquino’s absence) was an issue at all,” he said further.
Aquino’s decision not to attend the CAEXPO was made amid tensions between China and the Philippines on claims on the West Philippine Sea.
In January, the Philippines filed an arbitration case before the United Nations(UN) against China to assert its claim over the West Philippine Sea.
In its notification and statement of claim, the Philippines noted that China’s so-called nine-dash line claim which covers the entire South China Sea or West Philippine Sea is contrary to the UN Convention of the Law of the Sea (UNCLOS).
The CAEXPO, which is held every year, is a platform to enhance economic and trade ties of China with the ASEAN.
The Philippines, which was named the Country of Honor at the 10th CAEXPO, presented investment opportunities in agribusiness, infrastructure, tourism and manufacturing during the event.