More Chinese firms eye local factories
There are many items for them to look at in the Philippines. But basically, we want manufacturing because it has the potential to employ more people
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There are many items for them to look at in the Philippines. But basically, we want manufacturing because it has the potential to employ more people
The Federation of Filipino-Chinese Chambers of Commerce and Industry Inc., or FFCCCI, is optimistic that more Chinese firms will expand their local manufacturing operations.
"There are many factories in China that are exporting to the US and Europe. China will be looking at the Philippines as another outlet for it to export products to the world," FFCCCI president Dr. Cecilio Pedro on Sunday told the Daily Tribune.
"There are many items for them to look at in the Philippines. But we want manufacturing because it has the potential to employ more people," he continued.
According to the Philippine Statistics Authority, there are over 25,000 manufacturing firms in the country. Each employs 46 workers on average.
Despite the territorial conflict over the West Philippine Sea between the two countries, Pedro said the FFCCCI looks forward to their friendly trade negotiations.
"We are asking for investments from China. They can come here and I hope they will also enhance the trade relations between the two countries," he told the Daily Tribune at the 49th anniversary of the Filipino-Chinese Friendship Association Inc.
More exports to China
At the same time, Pedro said China heavily depends on the Philippines for exports of agricultural goods and mining products.
"The Philippine exports to China are agricultural products and mining. We have to produce as much as we can and find other products to export to China," he said.
The statistics authority reported electronics and minerals posted the highest Philippine export value in October last year at $3.62 billion and $324.94 million, respectively. They comprised 57 percent of all Philippine exports to the world. Next was agricultural products at $418.59 million.
The country's top export markets were the United States with receipts amounting to $1.02 billion, Japan ($902.65 million) and China ($880.37 million).
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