The Department of Finance (DOF) has expressed full support for China’s Belt and Road Initiative (BRI), saying the country’s “Build, Build, Build” (BBB) initiative mirrored the goal of the Maritime Silk Road.
In a news statement, Finance Secretary Carlos G. Dominguez III said the BRI is the “single largest enterprise in human history” and is bound to “reshape the global economy for the new century.”
As such, Dominguez said it offers vast economic opportunities for all countries within and outside the region. It will also bring Asian economies closer together.
“Enhanced trade will encourage more efficient investment flows. Improved connectivity will enhance the inclusiveness of our growth patterns. We have everything to gain from this,” Dominguez said during the Philippines-China Trade and Investment Forum held Monday at the Conrad Manila Hotel in Pasay City.
Dominguez said that just like the BRI, the country’s own BBB initiative offers opportunities for businesses within and outside the Philippines.
The BBB is considered the centerpiece of the Duterte administration and could offer Chinese businesses economic opportunities.
Dominguez also recognized the assistance of the Chinese government, saying that the loans and grants extended by China allowed the country to build dams, bridges and railways.
“I encourage you to look closely and find the opportunities that might suit your business interests. We hope you will partner with us and help achieve the ultimate goal of freeing our people from underdevelopment,” Dominguez said.
Apart from the BBB, Dominguez said China has been a key trade partner of the Philippines.
In 2018, China was the Philippines’s biggest trading partner with a total trade of $52 billion, which is 15 percent higher than the 2017 level.
Further, Dominguez said foreign direct investments from China to the Philippines reached $634 million in 2018, a 185-percent increase from the previous year.
Dominguez said the visit of a large delegation of Chongqing senior officials and businessmen underscores the growing people-to-people relations and improving prospecting for “mutually rewarding business partnerships” between the Philippines and China.
“We look forward to even closer cooperation as we build the best possible future for our two peoples,” Dominguez said. “Much credit will have to be given to the foresight of both President Xi Jinping and President Rodrigo Duterte.”
The forum was attended by around 100 business leaders from the industrial city of Chongqing located in southwest China.
Also at the forum were Chen Min’er, secretary of the Chongqing Municipal Committee of the Communist Party of China; Chinese Ambassador to the Philippines Zhao Jianhua; Guo Yezhou, vice minister of the International Department of the CPC Central Committee; Wu Cunrong, executive vice mayor of the Chongqing Municipal People’s Government; and Wang Fu, secretary-general of the CPC Chongqing Municipal Committee.
Sen. Aquilino Pimentel III, Energy Secretary Alfonso G. Cusi and House members Wes Gatchalian and Lord Allan Jay Velasco were also at the forum.