Philippines, China ink RMB 40 billion worth of projects

MANILA, Philippines — A total of 24 projects worth over RMB 40 billion to be undertaken by Chinese and Filipino firms, were signed at a recent China – Philippines trade promotion event, reflecting stronger economic and trade ties.

During the China (Fujian)-Philippines Joint Demonstration Zone for Economic Innovative Development and Economic and Trade Cooperation Promotion Conference held at Conrad Hotel last Monday, 24 projects with a contract value of RMB 42.62 billion were signed by Filipino and Chinese firms.

Of the 24, nine projects valued at RMB 22.65 billion will involve the establishment of production bases and overseas warehouses for steel, photovoltaic, sanitary and aquatic products in the Philippines.

Nine other projects worth RMB 15.77 billion will cover petrochemicals, aquaculture, smart factories, hotels and commercial complexes to be implemented in China.

Three trade cooperation projects valued at RMB 4.2 billion would involve building materials, clothing, footwear and hats, and fruits.

The three remaining projects will mainly cover economic and trade cooperation between business associations and talent exchanges between colleges and universities.

Trade Secretary Alfredo Pascual said the economic and trade cooperation projects mark a significant step forward in the two countries’ economic relations.

He said China plays an important role in the country’s economic narrative, as it served as the Philippines’ primary source of imports and third biggest export destination last year.

Pascual also encouraged Philippine and Chinese firms  to increase their trade and investment activities as he highlighted the government’s recent economic reforms, as well as the country’s strategic geographical location, abundant natural resources, and young, skilled and tech-savvy workforce.

The trade promotion conference was organized by the Fujian Provincial Government and the Chinese Embassy in the Philippines to promote stronger economic ties between the Philippines and the province of Fujian.

The conference was also intended to provide a venue for Fujian and Philippine enterprises to explore networking opportunities and forge collaborations to benefit both sides.