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PIA Press Release

China continues to beckon to RP’s entrepreneurs, products

ROXAS CITY (26 April) -- Trade and investment opportunities in China are aplenty for the Philippines these days.

During her latest trip to said country April 21, President Arroyo witnessed the signing of five landmark economic agreements between the Philippines and China that, in her own words, would create new jobs for Filipinos and support infrastructure development “to raise the competitiveness of our country.”

The five agreements were for a cyber education project, a supply contract for a national broadband network, the second phase of the Angat Dam water utilization and aqueduct improvement project, and mango pulp and tapioca exports worth a total of $904.38 million.

The President went to Boao, China to keynote the opening plenary session of the Boao Forum for Asia (BFA) that gathered Asian and some world political and business leaders and academic scholars for a three-day business forum.

The cyber education project, worth $465.5 million, was signed by Trade and Industry Secretary Peter Favila, in behalf of the Department of Education, and Dr. Kang Ke Jung of Tsinghua Tongfang Nuctech Co. as part of the ICT Cooperation between China and the Philippines.

Transportation and Communications Secretary Leandro Mendoza and ZTE Corp. Vice President Yu Kong inked the $329.5-million supply contract for a national broadband network which will improve government communications capabilities.

Mabuhay Enterprises Chief Executive Officer Antonio Tui and Guangzhou Dong Li Trading President Jianhua Li signed the $4.64-million contract for the export of mango pulp to China from 2007 to 2008 as part of the $23.2-million total package up to 2010.

Eastern Petroleum President Fernando Martinez and Guangxi Mingyang Import and Export Trade Co. Ltd. Chairman Pan Rui Jian sealed the contract for a $30-million tapioca exports to China for five years.

Also signed was the contract between the Metropolitan Waterworks and Sewerage System (MWSS) and China International Water and Electric Corp. for the second phase of the Angat Dam water utilization and aqueduct improvement project worth $56.18 million.

In January of this year, the Philippines signed farm agreements with China involving investments worth $4.9 billon (P240.1 billion) over the next five to seven years.

Provincial Manager Jeffrey De los Reyes of the Philippine Coconut Authority (PCA) here disclosed that their office is tapping the support of the provincial government in enhancing the capability of local coconut farmers to export coconut coir to China under a trade agreement between the two countries.

The Department of Agriculture and Philippine Trade and Investment Center (PTIC) are spearheading the effort that has opened a new export opportunity for Capiceño small and medium entrepreneurs.

The Philippines has committed to export at least 100,000 metric tons of coconut coir to China on a yearly basis as part of the trade and investment negotiations between the two countries.

Investment opportunities are one of the so-called “8 blessings” that the government said would be generated by the continuing surge in the economy on the back of vital fiscal reforms initiated by the Arroyo administration as one of the forces that would propel the country to First World Status.

The government is also addressing the concerns of micro, small and medium enterprises (MSMEs) to enhance their contributions to the country’s economic growth. (PIA) [top]

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