China and Philippines finalise $15 billion trade deal

The Philippines is set to conclude an economic and investment deal with China worth as much as $15 billion. Officials are currently meeting in China to finalise the details. The deal has been in the making for at least several months, officially kicking off in October when President Rodrigo Duterte came to China on a state visit.

Specifically, the talks will cover government-to-government projects; the Philippine’s chairmanship of the Association of Southeast Asian Nations; the Asian Infrastructure Investment Bank (AIIB) and the Philippines’ infrastructure projects.

In a statement, the Philippine’s Department of Finance (DoF) said, “Philippine and Chinese officials agreed in November last year during a meeting in Manila to move ahead and set up structures of coordination to effectively implement the investment pledges forged between Manila and Beijing during President Duterte’s state visit to China.”

China and the Philippines began formal diplomatic and trade relations in 1975 and, according to the Philippine’s Embassy in Beijing, the two countries have enjoyed high levels of political collaboration since then.

Total Trade in Q2 of 2016 was recorded at $5.4 billion, up from $4.4 in Q1. Top Philippine Exports to China in 2015 included digital Monolithic integrated circuits; storage units; nickel ores and concentrates; electricals, and a range of manufactured industrial goods. 

Business Review Asia's January issue is live. 

Follow @BizRevAsia and @MrNLon on Twitter.

Business Review Asia is also on Facebook.

SOURCE: [Manila Times


Featured Articles

People Moves: Pine Labs, Deutsche Bank, McKinsey, Fortinet

Pine Labs names former Amazon exec as chief people officer, Fortinet hires government affairs leader for APAC, McKinsey India poaches Accenture HR exec

Dialight envisions a world of industrial safety with LEDs

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Must-see speakers at TECH LIVE LONDON 2022 event

Technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force are among the 80-plus speakers at upcoming TECH LIVE LONDON

Vodafone Business cyber leader Kawalec speaks at Cyber LIVE

Leadership & Strategy

Twitter timeline – how Musk pulled off a hostile takeover

Leadership & Strategy

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

Leadership & Strategy