The government is keeping a watchful eye on 90 investment leads from Chinese companies across various sectors, including manufacturing, information technology, business process management, and renewable energy.
At the 33rd Biennial Convention of the Federation of Filipino-Chinese Chambers of Commerce and Industry (FFCCCI), President Ferdinand Marcos Jr. said the Board of Investments is closely monitoring Chinese investments in these areas.
The President’s January visit to China, aimed at boosting bilateral trade and investment cooperation, paved the way for several agreements between the two nations, including a memorandum of understanding on e-commerce cooperation and the protocol of phytosanitary requirements for export of fresh durians.
While foreign direct investment from China amounted to $15.69 million last year, down from $18.53 million in 2021, Taiwan’s direct investments in the Philippines were $21.18 million in 2022, down from $50.47 million the previous year, according to data from the Bangko Sentral ng Pilipinas.
The Philippines imported $28.2 billion from China while its exports to China amounted to just $10.97 billion, data from the Philippine Statistics Authority showed.
Marcos J encouraged the FFCCCI to maximize the opportunities offered by these investments for the benefit of the Filipino people and their communities, while also expressing his confidence in the Filipino-Chinese community’s industrious, innovative, and compassionate efforts to improve people’s lives through their business ventures.
Chinese investments in manufacturing, information technology, business process management, and renewable energy.
The President’s trip to China in January, which aimed to improve bilateral trade and investment cooperation, paved the way for the signing of various agreements between the two countries. These include the Memorandum of Understanding on electronic commerce cooperation and the Protocol of Phytosanitary Requirements for Export of Fresh Durians.
According to Bangko Sentral ng Pilipinas data, foreign direct investments from China amounted to $15.69 million in 2022, lower than the $18.53 million reported in 2021. Taiwan’s direct investments in the Philippines, meanwhile, amounted to $21.18 million in 2022, lower than the $50.47 million reported in 2021.
The Philippines imported a total of $28.2 billion from China in 2022 while Philippine exports to China amounted to only $10.97 billion, data from the Philippine Statistics Authority show.
Marcos Jr. urged the FFCCCI to take advantage of these opportunities and maximize the prospects for the benefit of the Filipino people and their communities. He also thanked the organization for their active participation in various government
initiatives that promote business growth and social welfare.
The President also expressed his confidence in the Filipino-Chinese community, encouraging them to be industrious, innovative, and compassionate in their efforts to improve people’s lives through their business initiatives.
