Philippines seeks large investments from China

08:45, April 14, 2011      

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Cesar Purisima, the finance secretary of Philippines, said that his country is seeking Chinese investments in finance, transport, facilities and other public projects since the country would like to change its economic growth from consumption into investment on April 12 in Beijing, China's capital.

His remarks came during a meeting of a Philippine delegation with representatives from the Chinese business sector, and he introduced investment opportunities in the country to Chinese enterprises.

It is the first senior delegation from the Philippines since the hostage crisis happened last August. However, the hostage crisis is not the key topic of the Philippine delegation's trip but rather attracting investment.

According to the delegation, Philippine GDP growth in last year reached 7.3 percent and was the highest recorded in recent years. The two-way trade volume between China and the Philippines hit 27.75 billion U.S. dollars last year.

Purisima encouraged Chinese businesses to invest in renewable energy and infrastructure building in the Philippines when meeting with Chinese businessmen.

Philippine Trade and Industry Secretary Gregory Domingo, member of the delegation, echoed this sentiment, saying qualified Chinese investors can enjoy policies such as tax exemptions.

Public works and highways minister Rogelio Singson, also one member of the government delegation visiting China, said Manila was drumming up investment for 25 projects, with 10 to be offered to foreign investors this year.

The government will seek funding for another 48 projects in the coming years.

"We are really falling behind in infrastructure investment," Singson said.

When answering the question of how much money does Philippines want to attract from China, the delegation responded "not sure but tremendous."

Purisima also said: "We are bullish. We are open for business."

By Wang Hanlu, People's Daily Online

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