Pascual to HK businessmen: Make Phl your preferred business destination

Trade and Industry Secretary Alfredo E. Pascual presented to delegates the Philippine competitive advantage for investors who intend to do business in the country during the Hong Kong–ASEAN Summit 2022 held on 3 November 2022.

Pascual pitched the Philippines as a preferred investment destination for Chinese businesses, citing the country's role as a gateway to the Association of Southeast Asian Nations and as an ideal complement to Hong Kong and Mainland China businesses.

The DTI chief took advantage of the Summit to showcase the favorable Philippine business environment to participating business leaders, policymakers, and entrepreneurs from Hong Kong, Mainland China, and other parts of the world.

Pascual emphasized the important relationship between the Philippines and Hong Kong, citing the growing trade between the two countries.

"The Philippines and Hong Kong have enjoyed longstanding economic and trade relations. In 2021, Hong Kong was our fourth largest export market, with a total value of $9.9 billion. This amount represents about 14 percent of the country's total exports. With trade growing through the years, Philippine exports to Hong Kong increased by 7.7 percent from $9.2 billion in 2020, and imports from Hong Kong increased by 17.4 percent to $3.3 billion in 2021," he said.

"Hong Kong remains one of the top trading partners of the Philippines. We intend to continue building our strong economic ties with Hong Kong in the future through the Joint Economic Committee, among others," he added.

The meeting, organized by the South China Morning Post, attracted 200 participants in the business and government sectors who attended in person, and 800 participants who attended online. The event was streamed again later in the day to cater to United States residents, since the US is SCMP's highest source of readers (at least 40 percent).

The Summit was officially opened by SCMP Chief Executive Officer Catherine So and Hong-Kong–ASEAN Foundation Chairman Daryl Ng.

Other keynote speakers were John Lee, Chief Executive of the Hong Kong Special Administrative Region, and Ong Ye Kung, Minister for Health of the Republic of Singapore.

The Philippine participation in the Summit is part of the "Make it Happen in the Philippines", an international investments promotion campaign that highlights the lucrative business and investment opportunities in the country and its resilience as the country continues to bounce back from the COVID-19 pandemic.

For more information about the Hong Kong-ASEAN Summit, visit https://hkaseansummit.scmp.com/ or contact the PTIC-HK at hongkong@dti.gov.ph.