China Prime Minister Li Keqiang is in the Philippines attending the 31st Asean Summit and East Asian meeting, primarily to push Chinese diplomacy among its neighbors in the region.
Local businessmen, however, see Li’s visit as attaining a higher level in Philippines-China ties, thus, opening the doors to an even vibrant and productive trade relations with the country’s giant neighbor.
Businessman George Siy, president of the Integrated Development Studies Institute, said “many aspects of the Philippines‘s economic relations with China directly benefit the average Filipino—both producers and consumers—thus, contributing to more inclusive growth.”
Siy noted that the local business community is happy that Li noted on his arrival that since the turnaround of Philippines-China relations in October last year, some 20 cooperation documents at the governmental or departmental levels have been signed by both sides.
The prime minister also said a number of priority infrastructure projects have been identified and are making progress.
“The first 10 months of this year saw China become the Philippines’s biggest trading partner, on the back of a surge in Philippine exports to China. Between October last year and end of June this year, China imported 420,000 tons of tropical fruits from the Philippines worth over $200 million. Your bananas, durians and avocados are increasing popular in China,” Li said.
Also, Li’s visit to Manila is expected to hasten the process of approval and actual implementation of the various Chinese projects in the pipeline for the Philippines.
The Chinese leader is expected to check on the status of two bridges in Metro Manila, which the China is donating to the administration of President Duterte.
The first is the P4.61-billion Intramuros-Binondo Bridge, a 807-linear meter iconic bridge that will connect Solano Street in Intramuros to San Fernando Street in Binondo. The second is the upgrading of the Estrella-Pantaleon Bridge connecting Makati with Barangay Barangka, Mandaluyong, costing P1.376 billion. Both grants are expected to ease traffic in the National Capital Region, provide savings of time and money, thus boosting the economy further.
The Department of Public Works and Highways has announced that 10 more bridges in Marikina River, Pasig River and Manggahan Floodway are being considered for repairs and upgrading using Chinese technology and funding. These include Marikina, Manggahan in Pasig, and Lambingan bridge in Santa Ana, Manila.
Other Chinese projects in the pipeline are the Bicol railway system, water-power facilities in Kaliwa dam, the Mindanao train system and the Chico River irrigation project.
National Economic Development Authority Public Investment Staff Director Hazel Baliatan pointed out in a recent forum the advantages of partnering with China compared to most other donors.
She said these are concessional or general cheaper rates, quick commitments of large amounts, responsive to timelines, more cooperative in complying with the local requirements, and possess proven technology and resources for massive infrastructure building.
Li, who represents his government in the 31st Asean Summit, is also expected to enlighten members of the regional bloc on the status of his country’s Belt and Road Initiative, which has become President Xi Jinping’s master economic plan for more than 100 countries in Asia and Europe.
The BRI is China’s strategy for economic development in the countries lining the old Silk Road and beyond, mindful that economic development of China also depends on not leaving any nation behind on the road to prosperity.