DTI: Economic ties with China strong

Despite the ongoing tension in the West Philippine Sea, Trade Secretary Alfredo Pascual said the economic partnership between China and the Philippines remains unaffected and is very robust.

During his speech at the China (Fujian)-Philippines Joint Demonstration Zone for Economic Innovative Development and Economic and Trade Cooperation Promotion Conference held at Conrad Hotel on Monday, Pascual highlighted the strong economic partnership between the two countries, particularly in the Fujian province.

The Fujian provincial government and the Chinese Embassy in the Philippines organized the event to strengthen economic ties between the country and the province of Fujian.

The conference also provided an avenue for Fujian and Philippine enterprises to explore networking opportunities and forge collaborations that will benefit both sides.

Part of growth narrative

"China's prominence in the Philippine economic narrative is undeniable. Standing as our most significant trade ally among 231 nations, in 2022 alone, China was our primary source of imports and our third-highest export destination," the DTI chief explained.

He added President Ferdinand Marcos Jr., in his recent visit to China, unlocked collaborations worth nearly $23 billion across diverse sectors. These agreements mark a new chapter and signify our deepening economic relationship," he said.

Further, Pascual welcomed the promotion of the Philippines-China (Fujian) Industrial Park, particularly the Yatai Industrial Park in the Philippines, which will provide platforms for businesses from both sides to thrive and innovate.

Through the said initiative, he said it will advance the economic landscape of both countries generating investments, technological advancements, and high-quality and better-paying jobs for all.

The trade chief also extolled the signing of the Fujian-Philippines Economic and Trade Cooperation Projects, marking a significant step forward in economic collaboration.

Pascual underlined that the collective effort reflected both countries' desire to improve their economic and trade relations.

To add, he highlighted the enabling and conducive business environment in the Philippines, citing the government's game-changing economic policies and initiatives coupled with the country's strategic geographical location, abundant natural resources, and young, skilled, and tech-savvy workforce.

"Together, let us build bridges — not of steel or stone, but of mutual trust, shared goals, and vibrant economies. Let us embark on a journey filled with promise that will lead to increased trade and investment, shared prosperity, and a brighter future for our people," Pascual exhorted.

In 2022, the Department of Trade and Industry said China ranked as the Philippines' top trading partner with data showing that total trade between both countries in 2022 was up by 2.32 percent to $39.14 billion from $38.25 billion in 2021.