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Marcos' fruitful state visit to China enhances PH economic recovery efforts

Published Jan 7, 2023 12:05 am
President Ferdinand R. Marcos, Jr.’s state visit to China has yielded productive results that strengthen what he describes as “the positive trajectory” of the two countries’ relationships. Since 2018, the Philippines-China relations had been elevated to the Comprehensive Strategic Cooperation phase. The visit fortified the two countries’ robust trade and investment partnerships. China is a leading import source for the Philippines and is also the second largest export destination. China has committed to increase agricultural imports from the Philippines, including durian, mangosteen, specialty rice varieties and fruits to bridge the current trade imbalance. In 2021, the Philippines imported $26.8 billion worth of products, while exports to China were valued at $11.5 billion. In a series of roundtable meetings focusing on renewable energy, agri-business, nickel processing, battery and electric vehicle manufacturing, Chinese companies presented their investment plans in the Philippines, totaling US$22.8 billion and trade purchase intentions of close to US$2.1 billion. President Marcos reported that his comprehensive discussion with President Xi on the overall state of bilateral relations between the Philippines and China covered important facets of bilateral relations, particularly agriculture, energy, infrastructure, trade and investment, science and technology, and people-to-people ties. Diplomatic relations between the two countries began in 1975 during the administration of President Ferdinand E. Marcos, Sr. On the sensitive issue of the West Philippine Sea, the two leaders agreed to establish a more effective system of direct communication lines “at various levels up to the highest level…to avoid possible misunderstanding and miscalculation.” An agreement has been signed between the two countries’ foreign ministries that would operationalize “bilateral mechanisms to promote further mutual trust and confidence in each other,” in dealing with issues in the disputed waters. The two leaders witnessed the signing of 14 government agreements “that will broaden and deepen our ties in many vital important areas” including agriculture, education, energy, environment, infrastructure, science and technology, trade, and people-to-people exchanges, as well as new areas of cooperation, such as e-commerce, digital cooperation. President Marcos also reported that “we agreed to resume discussions on oil and gas development and explore opportunities for renewable energy, such as solar, wind, photovoltaic energy, and even touched upon nuclear energy.” Aside from President Xi, President Marcos met with Premier Li Keqiang and “conveyed to him our country’s openness to enhance the economic and socio-cultural aspects of our relationship.” With Chairman Li Zhanshu of the National People’s Congress, he discussed “how we could enhance cooperation between our two legislatures, building on the strength of party-to-party relations.” He conveyed an invitation to President Xi and Madame Peng Liyuan to visit the Philippines, too, while expressing regrets over his inability to meet with the Filipino community in Beijing on account of health and safety protocols arising from the coronavirus pandemic situation. As his administration deals with external headwinds and internal bureaucratic challenges, President Marcos’ productive visit to China provides the propulsion and impetus to further advance the country’s economic recovery efforts.

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Editorial Marcos’ fruitful state visit to China enhances PH economic recovery efforts President Ferdinand R. Marcos he Philippines-China relations had been elevated to the Comprehensive Strategic Cooperation phase Jr.’s state visit to China totaling US$22.8 billion and trade purchase intentions of close to US$2.1 billion Chinese companies presented their investment plans in the Philippines
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