Trade Secretary Alfredo Pascual vowed to promote the country’s potential exports to China as part of the business agenda of the President’s state visit on Jan. 3 to 5.
“The President’s visit to China is a recognition that it is an important trading and investment partner of our country. The visit will pave the way for further strengthening our trade and investment relations, particularly as we work to recover from the pandemic and position the Philippines as a regional hub for sustainable and innovative manufacturing and services industries,” Pascual said.
“The President’s visit to China also aims to build on our export gains and further strengthen relations with key partners in China to help the Philippines realize this additional export potential,” he said.
The DTI identified additional potential exports in the field of electronic equipment; electrical machinery; metals; optical products, watches and medical instruments; fruits; motor vehicle parts; processed or preserved food products; and fish and shellfish.
The DTI organized a series of roundtable meetings for President Ferdinand Marcos Jr. with major Chinese companies with existing and planned investments in the Philippines in key sectors such as agribusiness, renewable energy, steel making, nickel ore processing and battery production, and electric vehicle manufacturing.
Chinese importers of tropical fruits from the Philippines will also participate in the meetings.
The DTI said that with the accession of the Philippines to the Regional Comprehensive Economic Partnership, Philippine stakeholders could enjoy wider sourcing of raw materials from 14 countries, including China.
Improved market access for certain Philippine products is secured in RCEP for the China market, such as preserved pineapples, pineapple juice, coconut juice, ignition wiring sets and flexographic plates.
The government said RCEP would support the Philippines’ goal of seeking a more robust and beneficial partnership with China.
“Our country’s attractive proposition for business is based on many vital factors. These include our large market of 107 million consumers and a resilient and growing economy; the availability of skilled, young people that are a strategic resource for growing global businesses; and, the Philippines’ strategic and preferential access to other markets like the US and EU,” Pascual said.