Filipino-Chinese businessmen described as “very successful” the three-day visit of President Ferdinand R. Marcos Jr. to China, stressing that good relations with the world’s second largest economy is crucial to the country’s national development goals.
In a statement at the Kamuning Bakery Café Forum assessing the President state visit to Beijing and impact on the future of the Philippines, Henry Lim Bon Liong, president of the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII), said “The visit in several ways reaffirmed the enduring bilateral ties between the Philippines and China.”
The visit, he said, also established good interactions between President Marcos and Chinese leaders President Xi Jinping, Premier Li Keqiang of the State Council, and Chairman Li Zhanshu of the Standing Committee of the National People's Congress.
Lim said that both sides agreed for stronger support to each other’s national development goals through a Comprehensive Strategic Cooperation.
Lim reiterated that the State Visit was another important milestone in the bilateral relations as it was the parents of President Bongbong Marcos who pioneered opening official diplomatic relations between Manila and Beijing in 1975. “Bringing Philippines-China relations to a higher level is an impetus for the future development of our two countries,” he added.
In terms of economic ties, China is the Philippines No. 1 trading partner, a major investment partner, export market, and import supplier. Both sides agreed to further increase trade to return and even surpass the pre-pandemic bilateral trade volume.
During the state visit, 14 bilateral agreements were signed by the Philippines and Chinese governments covering agriculture, infrastructure, development cooperation, maritime security, tourism, trade and customs. Other agreements between the business sectors were also signed.
“We are glad to hear the news that President Bongbong Marcos’ meetings with Chinese businessmen during the visit yielded $22.8 billion in investment pledges in renewable energy, electric vehicle and mineral processing, and agribusiness,” he said.
Chinese companies have also expressed their intent to invest in coconut, durian production, and the livestock sector. Such investments will create more jobs for our fellow Filipinos, enhance trade, and support the country’s food security program.
Other highlights of the visit include the cooperation in agriculture including the signing of the “Action Plan on Agriculture and Fisheries Cooperation” (2023-2025); Sino-Philippine Center for Agricultural Technology-Technical Cooperation Program Phase III; and the protocol for the export of fresh durian from the Philippines.
China being is the world's No. 2 biggest economy and the world’s No. 1 biggest consumer market is a huge market that the Philippines can tap for the exports of fruits and other agricultural produce, Lim pointed out.
“In infrastructure, prospects abound for us to strengthen our cooperation under China’s Belt and Road Initiative (BRI) and the Philippines’ ‘Build, Better, More’ infrastructure program. In the coming years, we hope that there will be more infrastructure projects to spur economic development in all the regions of our country,” he added.
On energy, China is already leading in renewable energy technology and production. And both sides agreed to explore cooperation in solar-power, wind energy, electric vehicles, and nuclear energy for electricity generation.
Likewise, as both sides agreed to resume discussions on oil and gas development, the FFCCCII has high hopes that there will be progress in possible joint oil and gas exploration in the seas for mutual benefit.
A main highlight of the State Visit is the resolve of both sides to improving trust by citing the importance of bilateral consultation on the West Philippine Sea / South China Sea. “Thus, we welcome the establishment of a direct communication mechanism between the Department of Boundary and Ocean Affairs of the Ministry of Foreign Affairs of China and the Maritime and Ocean Affairs Office of our Department of Foreign Affairs,” noted Lim.
Other areas of cooperation are in the field of scientific and technological innovation; defense and security such as the convening of the Joint Coast Guard Committee, and Annual Defense Security Talks; and many others.
Overall, the FFCCCII said that the visit of President Marcos to China is a “reaffirmation of the Philippines’ sincerity” in strengthening ties and partnership with neighboring China. “Aside from the productive high-level exchanges that transpired, it also opened new lines of communication between our two countries, which we hope will be enhanced further to build better understanding and goodwill,” Lim concluded.