PH, China eye intensified trade, financial ties | Global News

PH, China eye intensified trade, financial ties

By: - Reporter / @bendeveraINQ
/ 04:34 PM September 05, 2016

President Rodrigo R. Duterte shakes hands with Chinese Ambassador to the Philippines Zhao Jianhua during the celebration of the National Heroes’ Day at the Libingan ng mga Bayani in Taguig City on August 29. KING RODRIGUEZ/PPD

President Rodrigo R. Duterte shakes hands with Chinese Ambassador to the Philippines Zhao Jianhua during the celebration of the National Heroes’ Day at the Libingan ng mga Bayani in Taguig City on August 29. KING RODRIGUEZ/PPD

MANILA — Despite a maritime dispute in the West Philippine Sea, the Philippines and China want closer trade and financial ties, according to the Department of Finance (DOF).

Specifically, the Philippine and Chinese governments would like to “revitalize” cooperation in five key areas: agricultural trade; bilateral financial cooperation through currency swap; customs; project financing; and tourism, the DOF said in a statement on Monday.

Article continues after this advertisement

In a courtesy call to Finance Secretary Carlos G. Dominguez III last week, Chinese Ambassador to the Philippines Zhao Jianhua also “offered Beijing’s support to the priority projects of the Duterte administration in the form of official development assistance for pipeline projects of the Departments of Public Works and Highways, Transportation, and Agriculture,” the DOF added.

FEATURED STORIES

In response, “Dominguez expressed his appreciation for the ambassador’s offer,” the DOF said.

Finance Undersecretary Maria Editha Z. Tan said the Chinese officials who met with Dominguez “strongly recognized the DOF’s role” in project financing, hence was “looking forward to participate in opportunities to support the administration’s agenda such as infrastructure projects.”

Article continues after this advertisement

In relation to the Duterte administration’s aim to ramp up infrastructure spending, Chinese officials urged the DOF to fast-track work on the Philippines’ membership in the China-led Asian Infrastructure Investment Bank (AIIB).

Article continues after this advertisement

“The Chinese ambassador expressed appreciation that the Philippines is taking steps to complete procedures in its membership with the AIIB. The ambassador reiterated the need to complete all steps for full membership in the AIIB so Philippines can access project financing to support its infrastructure requirements,” Tan said. The Philippines’ AIIB membership has been pending as it still needs Senate ratification.

Article continues after this advertisement

Also, Tan said the DOF and Chinese officials “agreed to revisit current currency swap arrangement to manage foreign exchange risks.”

In terms of project financing, the two sides would explore cooperation in the education, information technology, infrastructure, ports, power, technology and tourism sectors, Tan said.

Article continues after this advertisement

In agriculture, Tan said “both sides exchanged views on growth potentials in the sector and shared opportunities where the countries can mutually gain benefits, such as the export of Chinese-made agricultural equipment appropriate to the Philippine setting, and expansion of Philippine exports to China such as tropical fruits (such as banana, coconut and pineapple) and high-end marine and fishery products such as lapu-lapu (grouper), bangus, tuna, crabs and shrimps.”

The DOF and Chinese officials also wanted intensified cross-border cooperation through customs, specifically by “addressing reported trade gaps, improving the exchange of information on import and export data, and curbing the entry of illegal drugs from China to the Philippines.”

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

During the meeting, Zhao “offered to assist in the joint development of tourist areas in the country and expressed interest in establishing the presence of Chinese hotel brands and chains in the country and increasing the number of Chinese tourist arrivals to the Philippines,” the DOF said.  SFM

For comprehensive coverage, in-depth analysis, visit our special page for West Philippine Sea updates. Stay informed with articles, videos, and expert opinions.

TAGS: AIIB, Asian Infrastructure Investment Bank, banana, bilateral trade, business, Carlos G. Dominguez III, China, Chinese Ambassador to the Philippines Zhao Jianhua, cooperation, Customs, DA, Defense, Department of Agriculture, Department of Finance, Department of Public Works and Highways, Department of Transportation, Diplomacy, DOTr, dpwh, Economy, education, Finance, Finance Secretary Carlos G. Dominguez III, Foreign affairs, Global Nation, Information Technology, Infrastructure, infrastructure development, Infrastructure Projects, International relations, International Trade, marine products, Maritime Disputes, maritime security, National Defense, national security, official development assistance, Permanent Court of Arbitration, Philippine government, Philippine president, Philippine President Rodrigo Duterte, Philippines, ports, Power, President Rodrigo Duterte, Rodrigo Duterte, sea disputes, Security, Shrimps, South China Sea, Spratly Islands, Technology, territorial disputes, Territories, The Hague, Tourism, trade, Tuna, UN, UN-backed arbitration, United Nations, West Philippine Sea, Zhao Jianhua

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.