The country offers a “rich field” of investment opportunities to the Chinese firms in the face of a more forward-looking policy
The Philippines and China on Monday signed five contracts amounting to $1.1 billion at the Philippine-China (Changqing) Investment Forum in Pasay City, with a view of forging “closer cooperation” as the country eyes more ground-level partnerships with the economic powerhouse.
In his speech, Finance Secretary Carlos G. Dominguez III said the country looks forward to “more partnerships at ground level, at the level of individual enterprises and shared wealth creation.”
“The opportunities that unite us are far greater than the issues where we might have some differences,” Dominguez said.
The Davao Eng Seng Food Products Company signed a strategic cooperation agreement worth $1 billion with the Chongqing Hongjiu Fruit Co., Ltd.
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Meanwhile, the countries also signed $102 million worth of trading contracts, specifically between the Pt. Sokonindo Automobile and importer and dealer QSJ Motors Phils Inc.; Chongqing Loncin Import & Export Co. Ltd. and Yin Gang Motorcyle (Philippines) Ltd. Inc.; and Chongqing Lifan Industry (Group) Import and Export Co., Ltd. and Kingling Motors Philippines Inc.
According to Lopez, the country offers a “rich field” of investment opportunities to the Chinese firms in the face of a more forward-looking policy adapted by the government under president Rodrigo Duterte.
“We look forward to even closer cooperation as we build the best possible future for our two peoples. Much credit will have to be given to the foresight of both President Xi Jinping and President Rodrigo Duterte,” Dominguez said.
Also signed were strategic cooperation agreements between the Federation of Filipino Chinese Chambers of Commerce & Industry and the China Council for the Promotion of International Trade Chongqing Sub-council, as well as the Sincerity International Cargo Service Corp. and the Develop Century International Logistics Co., Ltd.
Also inked were memoranda of agreement between the Hyundai Motor Group and Beijing-Hyundai Auto, as well as the Chongqing Panhua Steel Plate Co. and the Philippine Economic Zone Authority.
