BEIJING, China — President Rodrigo Roa Duterte encouraged Chinese businesses to invest in the Philippines and made an assurance to protect their investments by providing corruption-free business environment.
“Let me thank our Chinese friends for the interest to be part of the Philippines’ growth story. We are encouraged by your vote of confidence in our economy,” he said in a speech during the Philippines-China Business Forum held at the Grand Hyatt Hotel.
The President boasted the country’s rapid economic growth, noting it is one of the fastest growing economies in the region and in the world. “We have grown for the past 82 consecutive quarters and recorded above 6 percent annual growth rate since 2012.”
To sustain this positive trajectory, the administration, he said, has embarked on a historic “Build, Build, Build” Program that welcomes more Philippine-Chinese cooperation.
The Philippines has also launched its Construction Industry Roadmap for 2020 until 2030 aimed at increasing the value of the construction industry.
The country’s construction sector had its first Philippine construction mission to China to benchmark on digital building technologies and deliver quality construction in the most efficient and effective manner.
Philippine construction industry players are eager to partner with their Chinese counterparts in creating new and sustainable construction technologies and solutions.
“In return, they can offer you the benefits of our preferential trading arrangements with various economies, especially the US and European Union,” he said.
“We therefore have a win-win situation here. And I invite you all to take advantage of it fully.”
The Philippines aspires to build globally competitive integrated iron and steel industry and has welcomed the agreement between HBIS Group Asia and Steel Asia to establish an integrated steel mill in the Philippines.
The project is very important to the Philippines, the President said, because it will enhance the country’s capacity to produce high-quality and reliable steel products by 2030.
There are also opportunities in manufacturing, agriculture, and services sectors, he noted. The Philippines and China agreed to develop industrial parks where Chinese investors and manufacturers can set up factories.
“I am pleased to note that the construction of our first industrial park is projected to start in the first half of 2020. I am pleased to note that the construction…and all others…investors…to utilize this platform and harness our growing domestic market of more than 100 million people,” the President said.
With the Philippines’ young and skilled workforce, Chinese investors will be well-positioned to build their business in the country, he stressed. PND
