Following the bilateral meeting between Mrs. Arroyo and Hu in New York, "we can expect more vigorous trade between the Philippines and China as well as more investments from China particularly in the area of mining," Foreign Affairs Secretary Alberto Romulo said in a statement.
The meeting "also provided an important opportunity for the president to discuss energy security particularly the continued rise in oil prices," Romulo added.
Mrs. Arroyo believes it is important to consult with major consumers of oil in order to pursue a "global solution to the oil issue," Romulo added.
In his Manila visit in April, Hu witnessed the signing of agreements for a $950-million Chinese nickel mining venture in the Philippines as well as $10 million in prospective investment in oil and gas exploration off the coast of Palawan. — AP