Bilateral trade between the Philippines and China in the first quarter of 2021 reached $16.49 billion, an increase of 34.7 percent compared to the same period in 2020, data from the Chinese Embassy in Manila showed.
Meanwhile, China’s nonfinancial direct investment in the Philippines amounted to $27.36 million, up by 85.2 percent from the same quarter last year.
China is one of the Philippines’ biggest trading partners.
Data from the Chinese Embassy further showed that in 2020, the bilateral trade between the two countries reached $61.15 billion, with a year-on-year increase of 0.3 percent.
Both countries are signatories to a mega free trade deal that is expected to improve the level of market access among participating countries.
The Regional Comprehensive Economic Partnership (RCEP), which includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia, is the world’s largest trade pact in terms of gross domestic product (GDP).
To highlight the role of the RCEP in helping the Philippines and other Asean countries recover from the impact of the pandemic, The Manila Times, in cooperation with the Chinese Embassy in Manila, will hold the “China-Asean Relations: Realizing RCEP’s Potential” forum today, September 15.
Speaking at the forum is Huang Xilian, ambassador of the People’s Republic of China to the Philippines.
Philippine Chamber of Commerce and Industry Secretary-General Ruben Jimenez Pascual and Filipino Chinese Chamber of Commerce and Industry Inc. President Henry Lim Bon Liong are among the speakers.
Broadcast live on The Manila Times Facebook page, YouTube channel and The Manila Times TV from 10 a.m. to 12 p.m., the forum will be moderated by The Manila Times President and CEO Dante “Klink” Ang 2nd and business columnist Ben Kritz.
“We hope to talk about how the RCEP can help in the economic recovery of the Philippines and Asean,” Ang said.
“We also hope to discuss trade opportunities with China, which has become Southeast Asia’s largest trading partner. Perhaps we might have a chance to discuss investment opportunities and what role the RCEP might play, if any, in combating the pandemic. This and other business fora are part of The Manila Times effort to deliver quality news and information to Filipinos and other readers worldwide,” he added.
The Times’ special partner is the Chinese Embassy in Manila.
Other partners include the Federation of Filipino Chinese Chambers of Commerce and Industry Inc., Marco Polo Ortigas, New World Makati Hotel, Philippine Archipelago International Trading Corp. and Integrated Development Studies Institute (IDSI) and its media partner, TMT TV.
Organization partners include the British Chamber of Commerce, CCI France Philippines, Cebu Chamber of Commerce and Industry, Davao City Chamber of Commerce and Industry Inc., Financial Executives Institute of the Philippines, Italian Chamber of Commerce in the Philippines and Management Association of the Philippines.