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PIA Press Release

NEDA discusses investment prospects with Chinese officials

Davao City (5 May) -- The National Economic and Development Authority (NEDA) recently welcomed 12 officials from the National People's Congress (NPC) of China, who are part of the mission to strengthen exchanges in financial and economic affairs between the Philippines and China.

NEDA and the Chinese officials discussed the Philippine economic development situation and prospective areas of investment and cooperation between both countries.

"We see the very strategic role that China has in the region, and we'd like to see that this be strengthened, particularly in Southeast Asia, together with the Philippines," said NEDA Public Investment Staff Director Jonathan L. Uy, who welcomed the Chinese officials who were led by Mr. Wang Shucheng, Deputy Head of the NPC's Financial and Economic Affairs Committee.

Uy told the delegates that the Philippines has an increasing portfolio of official development assistance (ODA) since 2004, and a sustained cooperation with China will aid in the implementation of economic and development programs in the Philippines.

Marites B. Oliva of the NEDA National Planning and Policy Staff told the foreign officials that among the economic opportunities that could be developed through the Philippine-Chinese cooperation are in the areas of infrastructure, electronics and renewable energy.

Oliva said that as a primary source of competitiveness, the government is committed to accelerating public investment in infrastructure through the Comprehensive and Integrated Infrastructure Program (CIIP).

"The total investment requirement of the updated CIIP amounts to P3.326 trillion. Available estimates indicate that the annual CIIP investment from 2009 to 2013 is at an average of 6.4% of GDP," Oliva told the officials.

Oliva also said that the electronic sector is seen to surpass growth targets this year, according to the Semiconductors and Electronics Industry of the Philippines. "Growth will come from the sustained demand from China, India, Japan and South America," she said.

Another prospect is the investment in renewable energy. "The energy department projects that the country's electricity demand will require an additional capacity of 16,550 megawatts from 2010 to 2030, assuming an average of 4.6% economic growth per year. This power requirement can be supplied by the available energy resources, including renewable energy resources," said Oliva.

Uy said that the meeting with Chinese officials was timely, as both countries will be crafting their respective medium-term development plans this year. Uy noted that similar with the six-year Medium-Term Philippine Development Plan (MTPDP), 2010 also marks China's end of its 11th five-year plan.

"We would like to develop further our cooperation between the two countries. Our development goal is to invest in our people, because our people provide us all the support for our economy. We look forward to further coordination and communication between our two governments," Uy said. (PIA) [top]

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