The People’s Republic of China is extending financial support to facilitate investments with the Philippines.
The Department of Trade and Industry and the Bank of China signed the memorandum of agreement on the financial support for investment facilitation between the two countries during the Investment Opportunities Briefing on Wednesday, Jan. 4, in Beijing on the occasion of President Ferdinand R. Marcos Jr. visit to China.
Hu Xinquan, Bank of China country head in the Philippines, introduced the financial support during the investment briefing, which was attended by the Philippine Business Delegation, Chinese Enterprise Representatives and Philippine government officials. Xinquan signed the MOU for the Chinese side while Eris Cagatan, director of the Philippines DTI, signed on behalf of the Philippines.
Bank of China Executive Vice President Chen Huaiyu and Philippines DTI Undersecretary Ceferino S. Rodolfo delivered the opening remarks at the investment opportunities briefing.
There was no details yet as to the amount of the financial assistance.
Meanwhile, the visit of President Ferdinand Marcos Jr. to China is expected to generate potential investments in the agriculture, energy and mining sectors.
George T. Barcelon, president of the Philippine Chamber of Commerce and Industry (PCCI) who joined the business delegation of the President, said that the Department of Trade and Industry (DTI) has lined up three roundtable discussions on Thursday, Jan. 5.
The discussion will focus on three sectors – agriculture, power and mining.
Barcelon said that the President has about 40 members in his business entourage comprising of representatives from local companies, particularly from the mining and nickel sectors.
“From what I’ve heard there might be discussion on nickel refining venture but if there are memorandum of understanding to be signed, I am not privy to that,” he added.
There are also companies from the waste management and energy firms engaged in renewables, solar and wind companies with Chinese parties. In the agriculture sector, “We have companies engaged in fruits production and trading that are seeking to expand their market in China. We are a pretty good mix of sectors,” he added.
Barcelon said that the Philippines can hopefully capture the investments of some electronics and semiconductor firms that are moving out of China.
While there are business discussions during the trip, Barcelon said the President’s visit largely focused on political issues between the two countries on the territorial dispute in the West Philippine Sea. “I think we have a good start as we were warmly welcomed since last night,” he added.
He cited the statement from President Marcos as very positive. “I hope it will be a win-win discussion for both countries,” he said.