TOGETHER with a delegation of around 400 businessmen from the Philippines, President Duterte will be visiting China from October 18 to 21. This trip aims to strengthen the country’s trade relations with China, the Philippines’s second-largest trade partner.
Aside from the Philippines’s biggest tycoons from various industries, President Duterte will also be traveling with Trade Secretary Ramon M. Lopez. Heads from various businesses from the Philippines, including those being led by families with ancestral roots in China, are joining the trip. The San Miguel group, Metro Pacific and PLDT Inc., the Lucio Tan group, SM group, the Oishi group, Zest-O group, Robinsons Land Corp. and the Sterling Group of Cos. are among those who will join the state visit to China. More than a hundred officers and members of the Federation of Filipino-Chinese Chambers of Commerce and Industry will also be part of this China trip.
From this visit, the President expects to come back with billions of dollars in investments and loans, including opportunities in the trade sector. The conservative estimate is over $3 billion in funding commitments from China-based institutions and corporations. This figure could still go higher, according to Secretary Lopez, if other sectors, like infrastructure, transportation, communications and agriculture, are also considered.
Chinese President Xi Jinping is ready to welcome President Duterte and his delegation next week. Geng Shuang, the Chinese foreign ministry spokesman, said the Chinese president and Premier Li Keqiang will be meeting with President Duterte to talk about ways to improve ties between the two countries.
The improvement of our relations with China, amid the tension in the South China Sea, is a welcome reprieve not only for the economic sector but also for the entire Philippines. It is like hitting two birds with one stone, as the visit aims to promote peace and cooperation, as well as to renew and strengthen our trade relations with our Chinese neighbors.
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The National Economic and Development Authority (Neda) just released a report on the country’s total merchandise trade for the month of August. We enjoyed a 4.7-percent growth, with trade growing from $11.4 billion in July to $11.8 billion in August this year. Based on information from the Philippine Statistics Authority, this is being attributed to a “double-digit increase” in imports, which was at 12.2 percent. This was due to a good increase in consumer goods imports, as well as capital goods imports.
Neda Officer in Charge and Deputy Director General Rosemarie G. Edillon urged the administration to diversify its export markets by exploring new markets, like Russia and Kazakhstan, which are showing some promise as potential consumers of our agriculture and industrial products. Emerging markets, like Kuwait, Mongolia and Malaysia, should also be considered. These suggestions may, indeed, be a good follow-up effort after President Duterte’s China state visit.
The Neda further reports that the manufacturing sector also posted positive performance for the month of August. This is something to celebrate because the global economy has been generally weak, yet, the production of capital goods, as well as the growth in volume of export-oriented products continued to grow for the Philippines. Edillon said the local firms are expected to remain in expansion mode throughout the coming months.
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I would like to extend my warm birthday greetings to the General Manager of Philippine Charity Sweepstakes Office (PCSO) Gen. Alexander F. Balutan, who is celebrating his birthday today, October 17. Have a happy birthday and more days filled with happiness and success!