Benedicto tells Chinese journalists to help promote trade with RP

CEBU, Philippines – Philippine Ambassador to China Francisco L. Benedicto recently met with a group of Chinese journalists to discuss economic and investment opportunities in the Philippines and encourage local businessmen to look at the Philippines as a trade partner and investment destination.

The meeting happened at the Philippine Embassy in Beijing.

"I hope you can inform the Chinese public that we welcome Chinese investors to the Philippines and that they should take advantage of many investment opportunities in many sectors, including tourism, agriculture and mining," Ambassador Benedicto said.

Present during the interview were reporters from Xinhua, China News Service, China Daily, Caijing Magazine, China Radio International, Economic Daily, The Economic Observer, and Beijing Youth Daily.

A representative of the China-ASEAN Business Council Secretariat also attended the interview.

Ambassador Benedicto said that economic and trade relations between the Philippines and China have grown robustly over the years because overall bilateral relations are strong.

"In 2008, China became the Philippines' third largest trade partner, after the United States and Japan. China is also now the fifth largest source of raw materials, intermediate and finished goods for Philippine industries and consumers," the Ambassador added.

Trade Counsellor Simeon Hernandez, who was also present at the meeting, expressed confidence that the volume of trade at the end of the year would be 50 percent higher than 2009.

Ambassador Benedicto said that he wished to see more vigorous foreign direct investments from China to the Philippines, citing current trends showing that Philippine investments in China has for many years outpaced Chinese investments in the Philippines.

The Ambassador told the Chinese journalists that the following sectors are the priority in the country's investment promotion efforts: mining, motor vehicle and auto industry, engineered products (industrial machineries), agriculture/agri-business and fishery, infrastructure, energy, wood industry and research and development. (FREEMAN)