Xinhua News Agency, Xiamen, September 9th (Reporter Pang Mengxia) “China’s economic growth is impressive, and Chinese investors are welcome to invest in the Philippines.” On the 9th, the Philippines was stationed in China at the 21st China International Investment and Trade Fair. Ambassador Jose Santiago Romana said in an exclusive interview with reporters.
Romana said that the Philippines is honored to participate as the guest of honor for two consecutive sessions. The CIFIT provides a platform for the Philippines to attract foreign investment and also provides an opportunity to further deepen the economic and trade relations between China and the Philippines.
“China is an important economic and trade partner of the Philippines. As of 2020, China is the Philippines’ largest exporter with an export value of 126.7 billion yuan. It is also the Philippines’ largest importer with an import value of 144 billion yuan. Globally Against the background that the new crown pneumonia epidemic situation is still severe, China has strict epidemic prevention policies, and the Chinese economy still maintains a great advantage.” Romana said.
Glenn Peñalanda, Commercial Counselor of the Embassy of the Philippines in China, said that as a neighboring country of the Philippines, China has a vast territory and a huge market. In recent years, China’s investment in the Philippines has continued to increase, and it is hoped that the two countries can further cooperate in the service industry in the future.
Peñaranda said that in order to attract Chinese investors, the Philippines is continuing to improve the business environment. The Philippines has issued a series of tax reduction incentive policies, such as the “Corporate Recovery and Tax Incentive Act”, to attract companies to invest in the Philippines.
Peñaranda introduced that in the first hour after the opening of this year’s exhibition, the Philippine Pavilion received 4 letters of intent, with a potential investment of approximately US$10 million.
The Philippines is the guest of honor at this CIFIT, with an area of about 420 square meters of pavilion for the guest of honor. During the CIFIT, a series of activities such as the Philippine Investment Forum and the Philippine Construction and Infrastructure Industry Opportunity Investment Forum were held.
During the CIFIT, the Institute of International Trade and Economic Cooperation of the Ministry of Commerce, the Economic and Commercial Division of the Chinese Embassy in the Philippines, and the Department of Foreign Investment and Economic Cooperation of the Ministry of Commerce jointly issued the “Guidelines for Foreign Investment Cooperation Countries (Regions)-Philippines”. The guide introduces the general situation of the Philippines, such as nature, politics, social culture, and the development of the country’s digital economy and green economy, especially the investment environment of the Philippines. The guide also reminds Chinese-funded enterprises of the risks and countermeasures that may be encountered in investment cooperation in the Philippines. (over)Return to Sohu to see more
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