PH eyes extended exchange deal, venture ties with China

PRESIDENT Benigno C. Aquino III on Monday said the Philippines aims to maintain friendly relations with China in many aspects, especially on trade and investment.

President Aquino expressed this amid tensions over territorial disputes during the Filipino-Chinese community’s celebration of the 117th Philippine Independence Day, the 40th anniversary of Philippines-China diplomatic relations and 14th Filipino-Chinese friendship day on Monday.

“In trade and investment, as with all other aspects of the relations between the Philippines and China, there is much that we can improve on as long as our relationship is strengthened by mutual respect, the determination to maintain fairness and harmony, and a firm commitment to the rule of law,” the President said in his speech.

The Chief Executive said that in 2011, Filipino foreign direct investments into China totaled roughly $ 2.8 billion; while Chinese investments into the Philippines were at roughly $ 600 million.

President Aquino also cited the improving tourism between the two countries over the last few years.

“The (tourism) situation has seen some improvement over the years. In 2013, over 426,000 Chinese tourists visited the Philippines.

This still does not compare, however, to the almost 1 million Filipinos who traveled to China, visited its historical and cultural sights, and contributed to its economic growth in 2013,” he said.

The President underscored the need for all counties to work together to overcome challenges.

“In many ways, our successes and failures are dependent on the successes and failures of partners and friends in the global community.

Challenges such as pandemics, global terrorism, and climate change, or even those related to economic growth, become infinitely less daunting when we work to overcome them in unison with others,” he added. pna