BEIJING, China - The business relations between the Philippines and China continue to develop under China's Five Year Plan in a robust manner with the business sectors from both sides taking the initiatives to enhance trade and investment, the Philippine ambassador here said early this week.
In an interview with Radio TV Malacanang on Monday, Erlinda Basilio, the Philippine ambassador to China said that both sides recognize that there are opportunities in each other economies so the business sector continue the contacts and works in addition to government initiatives.
China's legislature, the National People's Congress, endorsed the country’s 12th Five-Year Plan on March 14, 2011.
The far-reaching plan sets China's course for the next five years: the social and economic measures contained in the plan will have a deep impact on the business landscape, both within China and in countries that do business with China.
Basilio said that the year 2014 is a good year for business contacts between the two countries.
The Philippine embassy and different Philippine consulates general in China have held a series of business roadshows as well as trade and investment and business matching meetings, she told RTVM.
For instance, PEZA Dir. Gen. Lilia de Lima successfully visited Beijing in the third quarter of this year to promote investments in the Philippines' economic zones.
The China Council for the Promotion of International Trade also brought a business delegation to the Philippines to look for investment opportunities in the country, she said.
With regards to programs aimed at strengthening economic cooperation and how to urged China to invest more in the Philippines, she said that since the signing of the China-Philippines development program for trade and economic cooperation in 2011, both countries agreed to work together to boost economic relations.
In the 27th meeting of the Philippines-China joint commission on economic cooperation held in Shanghai in early August 2011, Basilio said Filipino and Chinese trade officials sought to further bolster the level of trade and investment to reinvigorate technical cooperation and trade promotion.
The Philippines and China also agreed to expedite their work in establishing a China desk manned by the Chinese official board of investment so that inbound and outbound investors in the Philippines can be served more efficiently, she noted.
The memorandum of understanding on this initiative was signed during the visit of President Aquino to China in August 2011.
Basilio also said that since 2011, China has assigned two Chinese advisers to the Department of Trade and Industry and the Board of Investments.
A memorandum of understanding between investments promotion agencies and the China-ASEAN business council on industrial cooperation was signed at the sidelines of the China-ASEAN expo last year, she added. - © Provided by Philippine News Agency
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