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Manila Bulletin devider Business devider Pascual to HK firms: Make PH your preferred destination

Pascual to HK firms: Make PH your preferred destination

Published Nov 11, 2022 02:51 pm

Trade and Industry Secretary Alfredo E. Pascual has urged companies to consider the Philippines as their preferred investment destination because it is a gateway to the 10-member countries of ASEAN.

During the Hong Kong ASEAN Summit 2022, the Philippine trade chief took advantage of the Summit to showcase the favorable Philippine business environment to participating business leaders, policymakers and entrepreneurs from Hong Kong, Mainland China, and other parts of the world.

The Summit mainly served as a venue to discuss and debate what the immediate future holds for Hong Kong and ASEAN. Industry experts deliberated on Hong Kong’s future as a super connector for China and ASEAN, and how they can all work together with Hong Kong to improve their economies.

During the meeting, Pascual emphasized the important relationship between the Philippines and Hong-Kong, citing the growing trade between the two countries.

“The Philippines and Hong Kong have enjoyed longstanding economic and trade relations,” said Pascual.

In 2021, Hong Kong was Philippines’ 4th largest export market, with a total value of $9.9 billion, accounting for about 14 percent of the country’s total exports. With trade growing through the years, Philippine exports to Hong Kong increased by 7.7 percent from $9.2 billion in 2020, and imports from Hong Kong increased by 17.4 percent to $3.3 billion in 2021, Pascual reported.

“Hong Kong remains one of the top trading partners of the Philippines. We intend to continue building our strong economic ties with Hong Kong in the future through the Joint Economic Committee, among others,” he added.

The meeting, organized by the South China Morning Post (SCMP) on Nov. 3, 2022, attracted 200 participants in the business and government sector who attended in person and recorded 800 participants online. In addition, it was streamed again later in the day to cater United States of America residents which is SCMP’s highest source of readers (at least 40 percent).

The Summit was officially opened by SCMP Chief Executive Officer, Catherine So, and Hong-Kong – ASEAN Foundation Chairman, Daryl Ng.

Other keynote speakers were John Lee, Chief Executive of the Hong Kong Special Administrative Region (SAR) and Ong Ye Kung, Minister for Health of the Republic of Singapore.

The Philippine participation in the Summit is part of the “Make it Happen in the Philippines”, an international investments promotion campaign that highlights the lucrative business and investment opportunities in the country and its resilience as the country continues to bounce back from the global pandemic.

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ASEAN Trade and Industry Secretary Alfredo E. Pascual “Make it Happen in the Philippines”
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