PH, Chinese firms sign $1.1-B deals
Credit to Author: ANNA LEAH E. GONZALES| Date: Mon, 16 Sep 2019 16:49:36 +0000
Filipino and Chinese companies on Monday signed business agreements worth $1.1 billion.
The agreements were signed during the Philippines-China (Chongqing) Trade and Investment Forum at the Conrad Hotel in Pasay City.
Signed during the event were the $21.7-million trading contract between PT Sokonindo Automobile and QSJ Motors Phils. Inc.; $21.1-million trading contract between Chongqing Loncin Import & Export Co. Ltd., and Yingang Motorcycle (Philippines) Ltd. Inc.; $30-million trading contract between Qingling Motors Co. Ltd. and Kingling
Motors Philippines Inc.; and the $30-million trading contract between Chongqing Lifan Industry (Group) Import and Export Co. Ltd. and Mitsukoshi Motors Phils. Inc.
A $1-billion strategic cooperation and agreement between Chongqing Hongjiu Fruit Co. Ltd. and Davao Eng Seng Food Products Company was also signed.
Finance Secretary Carlos Dominguez 3rd in his speech, said he is looking forward to a closer partnership between the Philippines and China.
“We look forward to more partnerships at ground level, at the level of individual enterprises, and shared wealth creation. The opportunities that unite us are far greater than the issues where we might have some differences,” Dominguez said.
Dominguez said that in 2018, China was the Philippines’ biggest trading partner with a total trade of $52 billion, 15 percent higher than the 2017 level.
Foreign direct investments from China to the Philippines on the other hand, reached $634 million in 2018, a 185 percent increase from the previous year.
Trade Undersecretary Rowel Barba, meanwhile, said the government is committed to increase trade and investments with China especially Chongqing.
“The Philippines and China are presently deepening their ties both culturally and economically. Majority of the Philippines and China trade relations does not mention or identify Chongqing as a major source and destination of goods and services,” he said.
“The Philippines is determined to broaden its market and increase the volume of its exports to Chongqing and in China in general with today’s forum,” added Barba.
Barba said that aside from agriculture products, commodities that could be exported are household items, food, and cosmetics.
“The Philippines also has a robust and creative furniture industry that might interest the Chinese market,” said Barba.